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Shum King Company Limited, a joint venture between two mainland Chinese-backed developers—Shenzhen Investment and Road King Infrastructure—has been awarded the land sale tender for a residential development site in Tuen Mun for just under HKD 3.17 billion. The A.V. of HKD 6,700 per sq ft was 22% higher than the top end of market expectations. Market sources suggest Shum King will build low-density residential blocks and houses on the site on or before 2023.All five residential development sites tendered in the first half of 2017 have been awarded to mainland Chinese developers.
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22 June 2017
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