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 Pak Sha Wan site for auction

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Join date : 2008-04-14

PostSubject: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:38 pm

A Sai Kung site has been triggered for sale under the Application List
System and will be auctioned May 9 with an opening bid of $10 million. It is
the first Government land auction this financial year.
Sai Kung Lot No. 1200 in Demarcation District No. 217 will be auctioned at
Tsuen Wan Town Hall. With an area of about 191.4 square metres, the Pak Sha
Wan site is designated for private residential purposes. A minimum gross
floor area of 68.9 square metres must be completed.
The final conditions of sale for the lot will be uploaded onto the Lands
Department's website <http://www.landsd.gov.hk/> by April 25. The
particulars of the land auction will also be gazetted.

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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:39 pm

Do you or does anyone else have some approximate idea which piece of
land this is in Pak Sha Wan?


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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:40 pm

No I do not but one guess is that it is possibly the building
where Park and Shop and the large Chinese Restaurant used to be.
Right on the waterfront.

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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:41 pm

Dd 217 covers the area Pak Sha Wan,Habitat and Tai chung Hau.The side of the Road where the old Park,n ,Shop,Viking was is Dd 210 so not there.It has to be in the area above or aropund that area on that side of the road.Will check and get back to you.

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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:47 pm

Hi All
Attached is the Statuatory planning Board's map of the area. 1200 has not got any application for planning permission yet so is not on it, but the red star shows lot 1190.
Lots 1-1190 have all go applications for building on them, many waiting for further information etc. Is this the beginning of a mega housing complex in this area?

The photograph is available at www.friendsofsaikung/dd217lot1190.jpg
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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:49 pm

Correct my maths if I am wrong, but 191.4 sq metres is about 2,060 sq feet. If the opening bid for the plot is $10,000,000, the asking price per sq foot is an extraordinarily high $4,854.37.
If this is for private residential development, a 3 storey village house on a 700 sq foot lot would cost $3,398,059 for the land alone, before construction costs of say, $1,500,000. So the cost price of such a house would be almost $5 million. Allowing for room around each house, one could not build more than 2 houses on 700 sq foot lots.
This is just an observation, but it doesn't seem to make much economic sense unless it is proposed to allow a multi storey development or prices really are going through the roof...

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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:50 pm

This site is R3 which means R(C)1. Plot ratio 0.6, max site coverage
30%. Max building height 9m, 2 storeys over 1 storey of carport. Land:
2060.2 sq.m. House: 1236.12 sq.feet. 618.06/floor, excluding carport. It
is a mini house on the waterfront for a lot of money. Someone is very
keen, owns land around it or needs a shed for his expensive yacht. HK is
turning into Monaco.

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PostSubject: Re: Pak Sha Wan site for auction   Wed Apr 23, 2008 12:51 pm

Is it actually on the water though?
Looking at the map of the area (DD217) it seems to be up the hill behind Ruby Chalet and there are a lot of other applications currently being presented in that area - I don't know any details, but I can only conjecture that this, in conjuction with the many other lots there could make up a larger more commercially viable venture for a property developer, so $10m for access (or strangehold) on the rest may be worth it.
Alternatively this lot is bordering the greenbelt land and there is no intention of sticking to the lot ratio etc.
I know I am an old cynic!

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PostSubject: Sai Kung lot fetches $16.5m   Sun May 11, 2008 5:01 pm

[image: Traditional
Chinese]<http://www.news.gov.hk/tc/category/businessandfinance/html/index.htm>[image:
Simplified Chinese]<http://sc.info.gov.hk/gb/www.news.gov.hk/tc/category/businessandfinan...>[image:
Text only] <http://www.news.gov.hk/en/frontpagetextonly.htm>[image:
PDA]<http://www.news.gov.hk/en/pdainstruction.htm>[image:
RSS] <http://www.news.gov.hk/en/rssinstruction.htm> [image: *] May 9,
2008 Land [image: *]
Sai Kung lot fetches $16.5m [image: *]
[image: Lands Department]
A government lot in Sai Kung has been sold for $16.5 million, 65% higher
than the opening bid, in the financial year's first land auction.
The Pak Sha Wan lot was sold to Sheen Surety. The opening bid was $10
million.
The site has an area of about 191.4 square metres and is designated for
residences. A minimum gross floor area of 68.9 square metres must be
completed.
(From Companies Registry Search: CR No 0565842 Inc HK 17 Sept 1996)
2 Pages of Sheen companies but no Sheen Surety....

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PostSubject: Sai Kung actually hit the "Thomson Financial News"   Sun May 11, 2008 5:02 pm

Sai Kung actually hit the "Thomson Financial News" yesterday with the
following - interesting to see how much they anticipate it'll go for:
Hong Kong shares close lower on Wall St drop, oil surge, yuan worries UPDATE
05.08.08, 6:32 AM ET
<clip>
Tanrich's Kwok said a government auction tomorrow of a site in Pak Sha Wan,
Sai Kung will not have any impact on the property market as the site is too
small.
The site is expected to fetch 13-20 mln hkd, up 30-100 pct from the minimum
guaranteed bid of 10 mln hkd, according to surveyors.
<clip>
Would love to be there this afternoon but wait in anticipation of the name
of the developer.

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