2 residential sites sold for $5.4b

Both are on 50-year tenure.

According to a government release, two residential sites have been awarded on a 50-year land grant at a total premium of $5.446 billion, the Lands Department announced today.

A Tseung Kwan O lot was awarded to Hinwood Investment for $2.545 billion. It has an area of 14,954 square metres and is designated for non-industrial purposes, excluding godown, hotel, and petrol station.

The minimum and maximum gross floor areas are 31,403 and 52,339 square metres, of which 26,917 to 44,862 square metres are for private residential purposes. The developer must build 600 to 630 units.

A Sha Tin lot was awarded to Crown Treasure Investments for $2.901 billion. It has an area of 14,400 square metres and is designated for private residential purposes.

The minimum and maximum gross floor areas are 31,336 and 52,227 square metres. The total number of residential units to be built can be no less than 440 and no more than 463.