Hong Kong will auction a site in the Tung Chung district of Lantau Island after a developer triggered the sale with a minimum guaranteed bid of HK$2.88 billion ($370 million).
The land to be offered in Hong Kong’s first auction of the next fiscal year covers an area of about 26,200 square meters (282,000 square feet) and can be developed into homes totaling a maximum 131,000 square meters, the Lands Department said in a statement.
The site may attract big developers who could pay up to HK$4.4 billion, Alvin Lam, executive director of Midland Surveyors Ltd., said by phone today.
“It could yield more than 1.4 million square feet in gross floor area for a residential project, part of which would have sea views, so it’s a pretty good site,” Lam said.
The Lands Department scheduled the auction for May 11 and will publish details of the sale April 23.
--Editors: Dirk Beveridge, Nerys Avery