HONG KONG, Dec. 2, 2013 /PRNewswire/ -- Leo Cheung Sing Din, Icon City Group's Head of Business Valuation believes that due to complicated development conditions in the 2 residential sites which are launched the tender invitation on 25 October 2013, the valuation is relatively conservative. Icon City expects that the valuation on Castle Peak Road -- Tai Lam Chung (TMTL 490) will be sold at HK$109million while the valuation on Kwun Fung Street, Siu Lam (TMTL 495) will be HK$38million, at accommodation value of HK$3,800 per sq ft and HK$4,500 per sq ft respectively.
Mr Cheung notes that as an archaeological deposit area with buffer zone is located by side, the buyer of the Tai Lam Chung site will be required to submit the proposal for examination and carry out necessary search and enquiry before launching of development work. The owner will also be responsible for construction of a paved way linking the site with the public road. Other restrictions including maximum number of storeys (6 storeys), carrying out of geotechnical investigations for the slope, noise impact assessment and sewerage impact assessment will also be implemented towards the development.
The site area of TMTL 490 is approximately 22,066 sq ft and designated for private residential use. Having a plot ratio of 1.3, the site can provide a total gross floor area of 28,686 sq ft. Mr Cheung expects the land to be valued at HK$109 million, with accommodation value of HK$3,800 per sq ft. The completed flats are expected to be sold at HK$10,000 per sq ft (saleable).
The site located on Kwun Fung Street in Siu Lam is designated for private residential purposes with a site area of 21,097 sq ft. The total gross floor area is approximately 8,439 sq ft equalling a plot ratio of 0.4. According to the Conditions of Sale, the development must complete the noise impact, drainage impact and sewerage impact assessments before starting of the development work. Construction of a paved way and investigation of the slope will also be carried out by the buyer. Mr Cheung states that the site is valued at an estimated HK$38 million, with an average price per sq ft of HK$4,500. The site's completed flats are expected to be sold at HK$11,000 per sq ft (saleable).
