CBRE sees strong developer interest in Shek Mun site

The site has the potential to deliver 926 units across three residential towers.

The Shek Mun residential site is expected to attract strong interest from developers in the current financial year, despite a high-interest-rate environment, said Eddie Tsui, senior director of valuation and advisory services at CBRE.

The site, originally earmarked for commercial development, could provide around 962 homes by 2032, Tsui said following the land sale announcement.

The project is expected to contribute to the government’s estimated housing land supply of 15,680 units in the first three quarters of the current financial year.

It covers approximately 86,300 square feet across three residential towers and will also include a retail and commercial component, as well as public parking facilities to be provided by the developer.

Alongside the residential site, the government has proposed a student hostel site in Siu Lek Yuen under its hostels in the city initiative.

The site is planned to provide approximately 600 student hostel places and benefits from its proximity to City One and Shek Mun MTR stations, as well as nearby tertiary education facilities.