Two small plots of land suitable for residential development in Stanley and in Sai Kung are expected to bring in around HK$100 million through government public tenders, which will close on Friday.
The 6,622 square foot site at Hoi Fung Path, Stanley, can provide a total gross floor area of 4,966 sq ft and, with a plot ratio of 0.75 times, it can be developed into a two- to three-storey building, said Ringo Lam, director of valuations for property valuer AG Wilkinson & Associates.
Lam expects the Stanley site to be sold at around HK$69.1 million.
The 18,654 sq ft Sai Kung site, which could be used to build a two-storey block with a total gross floor area of 3,731 sq ft could fetch around HK$25 million, said Lam. The development would also offer sea views when complete. He thought both small developers and end-users could be attracted to the sites.
But Alvin Lam Tsz-pun, a director at Midland Surveyors, said due to the small size of the two sites the most likely bidders would be end-users and predicted the Stanley site would fetch HK$75 million, or an accommodation value of around HK$15,000 per sq ft; while the Sai Kung site might be sold for about HK$30 million, or an accommodation value of HK$8,000 per sq ft.
'The recent slump in the stock market may adversely dampen sentiment, but the two sites should still attract end-user buyers,' he said.