Rail operator MTR Corporation plans to launch a tender for the lot at Phase 11 of the Lohas Park—set to become Hong Kong’s largest residential estate with a total of 21,500 units, and 58,000 residents, upon completion in 2025.
The HKD2.7 billion Tseung Kwan O development in the New Territories is being touted as an eco-friendly community near the waterfront, to be filled with green spaces, cafes, pedestrian flyovers, a mall and easy access to the city’s rail system.
“Lohas Park phase 11 will come to market for tender within this month, hoping to yield 1,850 homes,” said David Tang Chi Fai, MTR property director. The plot is expected to yield up to 950,000 square feet in gross floor area.
The project is adjacent to an upcoming shopping centre, which would be the only major retail facility in the development, notes Knight Frank executive director Thomas Lam, as reported by the South China Morning Post.
Property surveyor Vincent Cheung estimated that the development would incur an investment cost of HKD11.4 billion, or HKD12,000 per square foot. That includes HKD2.4 billion, or HKD2,500 per square foot, for the land premium price, which would be about 10 per cent higher than what Hong Kong developer Nan Fung paid for the 10th phase in 2016.
The MTR said it is actively looking for ways to develop new homes to boost supply in Hong Kong.
Another four other residential sites—including phase 12 at Lohas Park, and others at Ho Man Tin, Wong Chuk Hang and Yau Tong stations—will be progressively rolled out for tender this year, providing a total of 4,200 units, nearly one-fifth of the government’s annual home target. — Construction+ Online
