<div id="readability-page-1">Hong Kong-listed mainland Chinese developer China Overseas Land &amp; Investment won a bid for a 3,132-square-metre (33,712 sq ft) residential plot in Kowloon East, beating some of the city’s largest developers with a higher-than-expected tender. The state-backed developer beat eight rivals to secure a 50-year grant for the parcel in Ngau Tau Kok with its bid of HK$1.8 billion (US$230 million), according to a statement from the Lands Department on Tuesday. The site is expected to yield 470 flats. The plot on Choi Ha Road, close to the Kowloon Bay MTR station and the private housing estate Amoy Gardens, was valued at between HK$1.3 billion and HK$1.5 billion, equivalent to around HK$4,400 to HK$5,100 per square foot of accommodation value, according to CBRE. Accommodation value is the value of a piece of land divided by the gross floor area of flats permitted to be built on the land. “The transaction price for the Choi Ha Road site was slightly higher than expected, especially compared with the Jordan Valley site,” said Cyrus Fong, executive director and head of valuation and advisory for Greater China at Knight Frank, referring to a site in the Kowloon area that was sold by tender last month.   The nine bids for the Ngau Tau Kok site were a positive response as it reflected the market’s strong confidence in acquiring quality urban sites, he said, adding that the developer would focus on small and medium-sized units. The other bidders were Henderson Land Development, CK Asset Holdings, Sun Hung Kai Properties, K. Wah, Kerry Properties, Wheelock Properties and Keen Point, while Sino Land and Great Eagle Holdings submitted a joint offer, the Lands Department said. China Overseas Land is the first developer from the mainland to win a site in the city since 2020, when a consortium comprising China Merchants Land, Sino Land, Kerry Properties and K. Wah International Holdings won a HK$5.57 billion bid for a plot in Lohas Park in Tseung Kwan O. China Overseas Land also won a Kai Tak residential site in December 2020, CBRE said on Tuesday, adding that it was “one of the last occasions a mainland developer took a leading position in a government tender, reflecting a very different [market] sentiment compared with today”. The site would have a “minimum gross floor area of 16,913 square metres” and “a maximum gross floor area for private residential purposes that may be attained is 23,490 square metres”, the government said. “The winning bid at Choi Ha Road – coming in above the general market expectation for the first time in many years – demonstrates that the developer is optimistic about the mass residential sector, particularly for sites with strong location fundamentals,” said Eddie Tsui, senior director for valuation and advisory services at CBRE Hong Kong. “The fact that the tender attracted nine bids further reflects growing confidence among developers, who are now more actively looking to secure new land for their development pipeline.” In January, a joint venture between Sino Land and Great Eagle Holdings won the 41,226 sq ft site in Jordan Valley for HK$1.61 billion, outbidding major developers, as the city’s housing market showed signs of stabilising. Meanwhile, a tender for a 1,349.2-square-metre residential site in Shau Kei Wan Main Street East is set to close on Friday.</div>

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<p>Hong Kong-listed China Overseas Land & Investment won a bid for a residential plot in Kowloon East for HK$1.8 billion (US$230 million), outbidding eight rivals. The site, expected to yield 470 flats, was valued between HK$1.3 billion and HK$1.5 billion. This marks the first win for a mainland developer since 2020, reflecting strong market confidence. The transaction price exceeded expectations, indicating optimism in the mass residential sector. The tender attracted nine bids, showcasing developers' active interest in securing new land amid a stabilizing housing market.</p>

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Hong Kong land fetches US$230 million as Chinese developer outbids city rivals