The Lands Department announced today that the site of Fanling Sheung Shui Town lot No. 245 at on Ju Street, Fanling, New Territories, was granted to Fengwei Limited (parent company: Chevalier International (00025.HK)) at a premium of about $3387 per square foot at a price lower than market expectations at a cost of $297.4 million.
Three tenders for industrial land at on Ju Street, Fanling, including Chevalier International (00025.HK), Credit Holdings (00083.HK) and Ka Wah International (00173.HK), were received. The site covers an area of about 17560 square feet and the maximum buildable floor area is about 87800 square feet. according to the comprehensive market forecast, the valuation of the site ranges from about $310 million to $404 million, which is equivalent to a land premium of about $3500 to $4600 per square foot.