Nan Fung Group, a privately-held property group in Hong Kong, has bagged the development rights for Phase 10 of the Lohas Park residential project in Tseung Kwan O, beating six other bidders.
The terms of the deal haven’t been disclosed by the tenderer, MTR Corporation (00066.HK), the Hong Kong Economic Journal reported.
The 10th phase of Lohas Park development is expected to provide up to 1,170 flats involving 811,600 square feet in gross floor area.
Lohas Park, as a whole, will have 11,800 home units when the project is completed fully, according to surveyors.
For the 10th phase, the Lands Department had lowered the unit premium to HK$2,204 per square foot, from HK$2,545 per square foot in the previous phase.
Nan Fung managing director Donald Choi expects the completed units to be largely set out as homes of two to four bedrooms.
Lawrence Poon, senior lecturer of Building Science and Technology at the City University of Hong Kong, said property prices in Tseung Kwan O could come under some pressure as supply is set to rise in the area.
[Chinese version 中文版]
– Contact us at [email protected]