The bidding for residential land on Choi Ha Road in Ngau Tau Kok, Hong Kong closed on Friday, with a valuation of approximately HKD 1.22 billion

The residential land on Caixia Road in Ngau Tau Kok, which was selected for bidding this time, has a favorable geographical location and is adjacent to mature residential communities such as Caiyi Residence, Caixia Village, and Taoda Garden. The surrounding living facilities are complete, the living atmosphere is strong, and it has a good development foundation. The plot has a clear historical evolution, formerly a vacant school building of Marino Secondary School, which is currently temporarily used as a training and youth development center for Hong Kong Customs. After this public tender, it will be officially converted into residential and related non industrial development.

From the core indicators of the plot, the land area is approximately 33713 square feet, and its use is clearly defined as non industrial (excluding warehouses, hotels, and gas stations), with private residential development as the core direction. According to the land sale regulations, the minimum floor area of the project is 182052 square feet, and there are clear restrictions on the floor area for private residential use, with a minimum of 151708 square feet and a maximum of 252846 square feet; The maximum floor area for non industrial purposes (excluding private residences, warehouses, hotels, and gas stations) shall be calculated separately in accordance with the relevant terms of the land sale conditions.

It is worth noting that the land sale regulations set a minimum unit area requirement of 280 square feet, ensuring the basic living comfort of future residential products; At the same time, there are no clear restrictions on the maximum coverage area, number of floors, and height of the plot. However, the developer needs to refer to the corresponding regulations of other relevant government departments in Hong Kong in subsequent planning and design to ensure that the project development meets urban planning requirements. In addition, the project has a clear development deadline, and all development work must be completed before December 31, 2031.

Regarding the residential land on Choi Ha Road in Ngau Tau Kok that was closed for bidding this time, Director of Valuation and Consulting, Li Junjie, made a clear valuation prediction: it is estimated that the land price per square foot is about HKD 4300, and based on this calculation, the total value of the land is about HKD 1.22 billion. This valuation takes into account the geographical location, area indicators, usage restrictions, and surrounding market environment of the plot, providing important reference for developers participating in the bidding.

From a market perspective, the deadline for bidding this land parcel coincides with the revival of the Hong Kong land sales market. Previously, during the bidding deadline for the residential land on Choi Hing Road in Jordan Valley, Ngau Tau Kok, 8 bids were received with satisfactory response. The SAR government also announced the bidding information for the Choi Ha Road plot on the same day as the bidding deadline, which was interpreted by the industry as a demonstration of confidence in the land sales market. It is expected that this residential land on Choi Ha Road will also attract multiple developers to participate in the bidding, triggering a new round of market attention.