Tung Chung site tenders rejected

The Lands Department announced today that all four tenders received for the sale of a residential site in Tung Chung were rejected as their tendered premiums did not meet the Government's reserve price for the site.


The department pointed out that sites in the Government's Land Sale Programme are disposed of in the open market under the established mechanism.


Located at Town Lot No. 55 at Area 106B, the site occupies about 10,648 sq m and is designated for private residential purposes.


The site’s minimum and maximum gross floor areas are 22,361 sq m and 37,268 sq m.


The reserve price is set on the day of tender closure so that the latest market conditions are taken into account.


To protect public revenue, the Government will not sell a site if no bid reaches the reserve price as assessed by its professional valuers.


The Government will closely monitor the market situation and relaunch the land for disposal at an appropriate time.


Noting that a sustained and steady land supply is its overall policy goal and such a goal should not be affected by short-term market fluctuations, the Government said it will continue to adopt a multipronged approach to ensure a steady supply of private housing land.