Tsuen Wan residential site sold at $1.44b

The 8,360-square metre lot will be used to construct a hostel for mentally handicapped people. 

The Hong Kong Land Department announced the sale of a residential site at Po Fung Road in Tsuen Wan.

The tender for the Tsuen Wan Town Lot No. 427 was awarded to Wealthy Guide under Kerry Properties on a 50-year land grant at a premium of $1.44b.

The 8,360-square metre site has a minimum and maximum gross floor area of 17,520 square metres and 29,200 square metres, and it is designated for private residential purposes.

The purchaser excluded the gross floor area of government accommodation for the construction of a 30-place supported hostel for mentally handicapped people.