The government had offered to sell the Mansfield Road plot at the Peak in 2018, but the tender was withdrawn after the five bidders failed to meet the government's reserve price. The accommodation value of the site was estimated as high as HK$60,000-120,000 psf 2 years before. After divided the lot into two smaller parcels, it has a site of total area 259,000 sqft., 70% of the site when it first launched.
Despite the impact of fourth wave of the epidemic and cross-border travel restrictions affected the demand of luxury housing market, the government recently removing the vacancy tax giving no financial pressure for developers to rush the sales of luxury properties. Furthermore, custom clearance of cross-border will be made possible without the need for compulsory quarantine after the launched of new vaccines around the world.
Seven bids were received for a residential site on the Peak, matching with CHFT's 6 to 8 bids estimation. Our Alex Leung also valued the site at HK$10.1-10.9 billion. The result will be announced this week.
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