Bid failed for Tung Chung commercial site
Tung Chung District 57, Tung Chung City Lot No. 45, a commercial land, has a site area of around 132,800 sq ft and a total GFA of 1.261 million sq ft, with market estimated values of between HKD 3.78 billion and HKD 5.67 billion. Since the premium did not reach the reserve price set by the government for the land, the three bids received from three consortiums Cheung Kong, SHKP, and Sino Land with Kerry Properties were not accepted, and the land sale was cancelled.
A low-floor unit in Park Mediterranean was sold at HKD 13,900 per sq ft
Room K, low-floor, Block 1, Park Mediterranean in Sai Kung was sold for HKD 6.38 million, or HKD 13,900 per sq ft. The unit has a saleable area of 459 sq ft, with two bedrooms and one living room, and a pool view. The original owner bought the site in 2017 for HKD 5.77 million, and recorded a profit of HKD 610,000 in three years upon the asset disposal, representing an 11% appreciation in the property.
Rainbow Villas in Clearwater Bay changed hands for around HKD 100 m
According to market news, a 1,789 sq ft unit in the Rainbow Villas in Clearwater Bay, owned by an artist called Mr. Eric Tsang or related parties, has just successfully transacted for HKD 100 million, or HKD 56,000 sq ft. According to the Land Registry, the property was purchased in 1988 for HKD 4.03 million and held under a company name. A total of HKD 95.97 million was booked upon the property disposal. Both the transaction price and the price per sq ft have reached new highs for the estate.
(Sources: Vigers Research and market news)