Government eyes re-tendering in Pak Shek Kok site

After withdrawal in March 2014.

The government is re-tendering the Fo Chun Road site in Pak Shek Kok, Tai Po, which was withdrawn in March 2014.

According to a research note from Barclays, with a 3.5x plot ratio, the 204,516sf site offers 715,806sf of GFA.

Surveyors have lowered their land price estimates from HK$3.7-5.1bn to HK$2.3-2.4bn, down

35-54%.

Here’s more from Barclays:

The new estimates work out to an AV of HK$3,200-3,300psf. The tender will be open from 12 September to 24 October 2014.

Separately, the tender for two residential sites in Tuen Mun drew strong responses with 51 bids received. The Yan Ching Street site yielded 27 bids while the Lok Chui Street received 24 bids.

With at least 125 units to be built on the site, the 12,637sf Yan Ching Street site could offer 80,477sf of GFA.

Surveyors estimated that the site could fetch HK$121-241mn or HK$1,500-3,000psf. The other site on Lok Chui Street does not carry any unit restriction.

Surveyors estimated the land price at HK$47.2-108mn. With 13,487sf of GFA, this implies an AV of HK$3,500-8,000psf.