Tuen Mun site sold for $244.19m

It is designated for private residential purposes.

One Gold Investment Limited, a subsidiary of K&K Property Holdings, has been awarded the 50-year land grant for a Tuen Mun site at a premium of $244.19m, an announcement revealed.

Tuen Mun Town Lot No. 549 sits at the junction of King Sau Lane and King Fung Path. It has a site area of about 1,057.8 sqm as well as minimum and maximum gross floor areas of 2,095 sqm and 3,490.7 sqm, respectively.

According to the Lands Department, the site is designated for private residential purposes.

The market valuation of the site comes between $170m and $230m. The Standard Hong Kong noted that some analysts had lowered the valuation by up to 14% due to local and external political uncertainties.

Earlier this year, K&K Property purchased properties in 21-27 Ashley Road in Tsim Sha Tsui for $1.76b or $18,091 psf of the developable floor area. According to CBRE, the sites are likely to be redeveloped into a Ginza-type commercial building.