Sai Kung site up for grabs

Tender closes on June 28.

Colliers International has been appointed as the sole agent to offer a mega house development site in Sai Kung (the Property) for sale by public tender. The tender will close at 12 noon on 28 June 2013.

The Property is located at Nam Pin Wai Road, which is close to the Hiram’s Highway in Sai Kung. There are various low-density residential developments nearby, such as Marina Cove, Dynasty Lodge, Villa Royale and Royal Garden.

Covering a site area of approximately 183,000 sq ft, the Property, currently under vacant possession, is expected to be developed into 40 to 50 low-density houses. 

Willis Mak, Senior Director of Investment Services at Colliers International Hong Kong, analyses that benefiting from the CBD2 and Kai Tak Development Project, over 10 million sq ft Grade A office spaces will be launched in the Kowloon East district, which drives strong demand of apartments and houses.

Mak says that the Property is a rare mega house development site available for sale in Sai Kung, which enjoys Pak Sha Wan seaview as well as soothing greenery. Another advantage of the Property is its convenient location which takes just 10 minutes to the core of the growing Kowloon East.

In addition, the Town Planning Board has recently approved a road directly connecting the Property and Wo Mei Hung Min Road. This enhances privacy of the Property, which sees high potential to be developed into a large-scale high-end residential development in Sai Kung. 

Considering a lack of large-scale and low-density residential new supply in Sai Kung, strong demand drives keen competition of residential sites in the district among developers. For example, Sino Land has successfully bid a residential site at Sha Kok Mei, Sai Kung at HK$1,455 million.

Besides, Chan Chuek Yin, the vice chairman of Agile Property, snapped up a luxury residential site located at Pik Sha Road, Sai Kung for HK$700 million, representing an average accommodation value of HK$21,350 per sq ft. These examples reflect developers’ confidence in the prospect of the Sai Kung district.