The Lands Department announced today (26 August) that the tender for a site, Lot No. 1003 in Demarcation District No. 214 at Hiram’s Highway near Heung Chung Road, Ho Chung, Sai Kung, has been awarded to the highest tenderer, Wise Castle Corporation Limited (parent company: Chinachem Group), on a 50-year land grant at a premium of $531,880,000. There were 22 tenderers, including the successful tenderer.
Donald Choi, Managing Director of Chinachem Group’s real estate business, said that he was very pleased to bid for the Ho Chung residential site. The land was in a beautiful environment and unique location. He believed that the transaction price was reasonable. The site is close to the New Hiram’s Highway roundabout and is very convenient for access to the urban area or down-town Sai Kung. It is planned to develop about 50 low-density and bungalow units with an investment of around $1 billion.
Lot No. 1003 in Demarcation District No. 214 has a site area of about 3,563 square metres and is designated for private residential purposes. The minimum gross floor area is 3,207 sq m and the maximum gross floor area that may be attained is 5,344 sq m.
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