Sino Land wins Tuen Mun land tender with HK$1 billion bid as market improves

Sino Land has won a residential site tender in Tuen Mun for HK$1.09 billion, beating major Hong Kong and mainland Chinese developers – including CK Asset Holdings, Kerry Properties and China Overseas Land & Investment – as the city’s housing market shows early signs of recovery.

The transaction, which marked the Hong Kong government’s first residential plot sale this financial year, involved a site at Hoi Chu Road in Tuen Mun, a district in proximity to Shenzhen Bay.

“The sought-after site presents enormous potential,” Sino Land executive director Victor Tin said on Wednesday. “With beautiful sea views, proximity to the Greater Bay Area and superb accessibility, it is an excellent addition to our land bank.”

The site is located close to MTR Corp’s Tuen Mun South Extension Area 16 Station that is under construction. This station, where a large shopping centre will be built, would have superb accessibility to Hong Kong International Airport, the Hong Kong-Zhuhai-Macau-Bridge, Hong Kong Port and Shenzhen in southern Guangdong province, according to Sino Land.

“We plan to build quality residences, complete with fine craftsmanship and smart-home designs,” Tin said. “Residents would also enjoy an exquisite clubhouse, replete with thoughtful provisions and wellness amenities.”

The land sale reflects renewed optimism in Hong Kong’s housing market amid early signs of a recovery and an anticipated interest rate cut later this year.