Tenders for Tin Shui Wai sites gets frosty reception

Only four bids for each site.

The tenders of two residential land sites in Tin Shui Wai drew cool responses with only four bids for each site.

According to a research note from Barclays, this is, however, slightly better than the tender of MTR’s Tin Wing LRT Station in Tin Shui Wai, which yielded only three bids and was withdrawn back in February 2014.

The report noted that bidders include Sun Hung Kai Properties, Henderson Land, Far East Consortium and a consortium led by Sino Land.

Barclays also said that the two sites, close to the Hong Kong Wetland Park, are relatively large in scale with the site at Area 112 offering GFA of 1,158,099sf (1,097,175sf for residential and 60,924sf for commercial) and requiring at least 1,330 units to be built on the site.

Here's more from Barclays:

Surveyors expect the site to fetch HK$1,390-3,135mn, implying an AV of HK$1,200-2,707psf. The other site in Area 115 could offer 1,039,802sf GFA, including 987,812sf residential and 51,990sf commercial.

Similarly, the tender condition also includes the unit restriction of at least 1,140 units to be built on the site.

Surveyors put the land estimates at HK$1,248-2,850mn or HK$1,200-2,741psf.