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Government Land Sale: Tai Po Kau (TPTL 231)

Manhattan Realty has won a second residential development in Tai Po Kau for HKD 323 million. The A.V. was 21% higher than the amount it paid for a nearby site in 2016, but was still at the lower end of market expectations. The developer will need to bear costs for slope maintenance works.

Market sources suggest Manhattan intends to build low-density, high-end residential apartments and houses on the site before 2022. Pricing of these properties is likely to be more than HKD 16,000 per square foot, SA.

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