Lands Department rejects all tenders for Stanley site

The site received four tenders.

The Lands Department rejected the four tenders for the residential site at Cape Road in Stanley as their “tendered premiums did not meet the government's reserve price for the site.”

“The reserve price is set on the day of tender closure to take into account the latest market conditions,” the department explained.

“To protect public revenue, the government will not sell a site if no bid reaches the reserve price as assessed by its professional valuers,” the department added.

The site located at Rural Building Lot No. 1204 has a site area of about 23,900 sq m and is designated for private residential purposes.

The site's minimum and maximum gross floor areas are 26,769 sq m and 44,615 sq m, excluding the gross floor area of a residential care home for the elderly to be constructed by the purchaser under the sale conditions.

The government plans to roll out the site for tender again at an appropriate time.