Developers gang-up on two lots

Two residential sites in Tseung Kwan O and Jordan Kwun Chung Street draw 13 developers.

The government sites scheduled for auction saw Lai Sun Development Company, Sino Group and Wheelock and Company bid for the Tseung Kwan O site. Among the 10 developers who bid for the Jordan residential land site were Emperor International, Paliburg, Wang On Group and HKR International.

All real estate companies are expected to develop these two residential projects on their own financing.

The Tseung Kwan O site is worth from HK$1.94 billion to HK$2.12 billion. On the other hand, Jordan could give the government from HK$160 million to HK$210 million.

The Tseung Kwan O lot has a site area of around 15,969 square meters that can be built up to a gross floor area of between 23,954 square meters and 39,923 square meters, respectively.

For private residential purposes, the gross floor area should not be less than 19,163 square meters and should not exceed 31,938 square meters. The total number of residential flats to be built should not be less than 400.

The Jordan site, which has a site area of 271.3 square meters, can be built up to a gross floor area of between 1,465 square meters and 2,441 square meters, respectively, of which at least 2,034 square meters will be used for private residential purposes.

Real estate analysts said the government should consider disposing more medium-sized land parcels for sales to cater to market demand.