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Government Land Sale: Tuen Mun

​Hong Kong Ferry (Holdings) and Empire Group have been awarded the land sale tender for a residential site in Tuen Mun for just under HKD 2.7 billion. The A.V of the site reached HKD 4,085 per sq ft, 20% above the higher end of market expectations and 22% higher than the amount Wing Tai paid for a nearby site less than two months ago. 

The developer will reportedly invest about HKD 6 billion to build about 1,800 mass-sized flats on the site. 

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