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Sino Land wins Tuen Mun land tender with HK$1 billion bid amid an improved housing market
The transaction marks the Hong Kong government’s first residential plot sale this financial year
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Sino Land has won a residential site tender in Tuen Mun for HK$1.09 billion, beating major Hong Kong and mainland Chinese developers – including CK Asset Holdings, Kerry Properties and China Overseas Land & Investment – as the city’s housing market shows early signs of recovery.
The transaction, which marked the Hong Kong government’s first residential plot sale this financial year, involved a site at Hoi Chu Road in Tuen Mun, a district in proximity to Shenzhen Bay.
“The sought-after site presents enormous potential,” Sino Land executive director Victor Tin said on Wednesday. “With beautiful sea views, proximity to the Greater Bay Area and superb accessibility, it is an excellent addition to our land bank.”
The site is located close to MTR Corp’s Tuen Mun South Extension Area 16 Station that is under construction. This station, where a large shopping centre will be built, would have superb accessibility to Hong Kong International Airport, the Hong Kong-Zhuhai-Macau-Bridge, Hong Kong Port and Shenzhen in southern Guangdong province, according to Sino Land.
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