Hong Kong Property: Ko Shan Road Site Sold At HK$1.525 Billion In A Land Auction27 April, 2011, 15:06. Posted by Zarathustra
Tags: Hong Kong, Land Auction, Property, Real Estate
Nan Fung and Wing Tai bought the site at HK$1.525 billion, implying an accommodation value (AV) of HK$9,927 per square foot. This price leans towards the high end of market expectation. Property developers stocks, however, did not appear to be reacting enthusiastically after the better-than-expected result.
More commentaries later tonight
The Lands Department will be selling a site in 15 Minutes by an auction. The site is at 7 Ko Shan Road. The maximum gross floor area (GFA) is 153,516 square feet, so it is not a large site, thus it should attract so small and medium size developers to bid.
Also because it is small, you should not pay too much attention on it.
The market is expecting the selling price at anywhere between HK$6,500 to HK$10,000 per square foot (average around HK$8,269 psf).