Lands Department rejects bid for Tsuen Wan residential site
The site is part of the government’s Starter Homes (SH) project.
The Lands Department rejected a tender it received for the sale of Tsuen Wan Town Lot No. 430 at Yau Kom Tau.
In an announcement, the Lands Department said the tendered premium did not meet the government’s reserve price for the site, which is set on the day of tender closure.
The tender closed on August 18 with only one bid from a subsidiary of Grand Ming Group Holdings.
“The government will not sell a site if no bid reaches the reserve price as assessed by its professional valuers,” the Lands Department said.
Tsuen Wan Town Lot No. 430 has a site area of about 48,673 square metres (sqm) and a minimum and maximum gross floor area of 82,620 sqm and 97,200 sqm, respectively.
At least 1,940 Starter Homes units are to be built within the site.