Agile-linked Ideal Repute takes Tai Po site for $451m
A company related to mainland developer Agile's (3383) Chan family won the tender for a residential site in Tai Po for HK$451 million, or HK$4,478 per buildable square foot, falling short of market expectations and hitting a four-year low for the district.
David Chan Sze-yuen, the son of mainland developer Agile's vice chairman Chan Cheuk-yin, is director of Ideal Repute Developments, which won the bid, according to the Company Registry.
Market surveyors had valued the residential site at HK$500 million to HK$600 million.
Other bidders included Sino Land (0083) and Country Garden Properties (Hong Kong).
The plot covers a total of 67,146 sq ft, and the maximum gross floor area is 100,718 sq ft.
It is reasonable that the bid price was slightly below market valuation, as the plot has an irregular shape and nearby transport facilities are not well-developed, said Centaline Surveyors executive director James Cheung King-tat.
Three months prior, mainland developer Vanke Property (Hong Kong) and CNQC International (1240) won a residential site at Ma Wo Road in Tai Po for HK$3.7 billion, or HK$4,739 per buildable sq ft, in line with market estimates. Market surveyors valued the site at HK$2.74 billion to HK$4.57 billion. The site, which measures 243,350 sq ft, has a maximum buildable floor area of 781,890 sq ft. Vanke and CNQC outbid 12 other developers, including Sun Hung Kai Properties (0016), CK Asset (1113), and Henderson Land Development (0012).