[Caihua News] Residential site on Anderson Road in Kwun Tong, which is the first Hong Kong People's First Home Purchase Pilot Program (hereinafter referred to as the First Purchase Plan) project on a land sale list, was announced by the Lands Department and approved at HK$4.951 billionChangshi Group (01113-HK)The land price per square foot is approximately HK$4,546, in line with market expectations.

The bid for the site was closed last Friday. A total of 9 tenders were received. The consortiums that won the bid include Changshi Group, Huamao,Garmin Group (01271-HK),Ka Wah International (00173-HK), China overseas (00688-HK), trust letter (00083-HK); Everland (00012-HK), thenFar East Development (00035-HK)A joint venture with Imperial Group participated in the bid.

The Anderson Road site is close to public housing projects such as Anda Estate and Po Tat Estate. It consists of two sites, covering a total area of about 217,000 square feet and a floor area of about 1.089,000 square feet. In response to the initial purchase plan, the government has a series of requirements regarding unit size, spacing, and number of first units. Among them, no less than 1,000 residences completed on the entire site must be purchased as the first unit, and will be sold at 20% off the market price.

Market participants estimate that the land on Anderson Road is valued at around HK$4.57 billion to HK$8.71 billion, and the land price per square foot is around HK$4,200 to HK$8,000 per square foot.

Source: The Letter