Check out which sites Hong Kong's property moguls grabbed recently

Two sites were sold for $2.92b.

According to Maybank Kim Eng, two residential sites were granted to Wing Tai (369)/Manhattan Dev (unlisted) 50-50 JV [WTJV] and Sino Land (83), respectively at an aggregate price of HKD2.92b through tender closed last Friday.

Area 56A Kau To in Shatin, with GFA of 142.4k sq ft, was granted to WTJV at HKD1.467b, translating into a pre-bonus GFA AV of HKD10,302 psf of GFA.

The site, according to Wing Tai, will be developed into low-density luxury apartments and detached houses. Ten tenders were received for this site.

Separately, the Sai Kung site was awarded to Sino Land at HKD1.455b with GFA of 249k sq ft. Fourteen tenders were received for this site with AV of HKD5,840 psf of GFA. No fewer than 240 residential units will be built on the site, translating into a maximum average GFA of 1,039 sq ft per unit.

The Kau To site was awarded at price higher than top-end of consensus estimates of HKD1.28-1.42b while Sino Land won the Sai Kung site at slightly lower than mid-point of expected HKD1.0-2.2b.

"We believe that the mixed tender results of the 2 small sites will not have significant impact in lifting the physical property market sentiment. Market focus will continue be the sales of 2 projects underway, The Wings II (Tseung Kwan O) and High West (Kowloon City), and the launch pipeline and price of other projects in short-term, such as SHKP (16)’s Residence 88 (Yuen Long), Mont Vest (Cheung Kong (1)’s Tai Po project) and The Avery (Sino Land’sK owloon City development)," Maybank Kim Eng further noted.