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Government cancels sale of HK$40B Hong Kong plot due to underwhelming bids

The Hong Kong government is calling off the sale of the Rural Building Lot No. 1211 land parcel in The Peak area of the city after rejecting all the five bids received for the site zoned for private residential purposes.

According to the city's Lands Department, the tendered premiums submitted for the land plot along Mansfield Road failed to meet the reserve price. The offers came from respective subsidiaries of CK Asset Holdings Ltd., Sun Hung Kai Properties Ltd., Henderson Land Development Co. Ltd. and K. Wah International Holdings Ltd., as well as from a consortium comprising Wharf (Holdings) Ltd., New World Development Co. Ltd., Nan Fung Development Holdings Ltd., Chime Corp. Ltd., Sino Land Co. Ltd. and China Overseas Land & Investment Ltd.

The roughly 17,598-square-meter luxury site was expected to fetch up to HK$40 billion. It has a minimum gross floor area of 22,537 square meters and a maximum gross floor area of 37,561 square meters.

Since 2014, four tender exercises for government land sales in the special administrative region were canceled after bids failed to meet the reserve price set for the assets. The properties in Yuen Long, Tsing Yi and Pak Shek Kok were subsequently purchased after being re-tendered, the Lands Department added.