Six bids were received for a residential site in Tung Chung, Hong Kong, indicating cautious optimism in the property market. Major developers including Sun Hung Kai Properties, Kerry Properties and Sino Land participated in the tender. The 14,152-square-metre parcel is expected to yield around 990 housing units.
The Development Bureau received the bids for the Tung Chung site on May 15. Consultancy CBRE valued the land at HK$960 million, while appraiser Vincent Cheung estimated HK$1.5 billion.
Eddie Tsui of CBRE Hong Kong noted the site’s waterfront location and proximity to the future Tung Chung East MTR station as key advantages. He said nearby projects such as Century Link provide pricing benchmarks.
The district is still in an early development phase, with further value growth tied to infrastructure completion. CBRE observed modest upside relative to an adjacent site sold to Sun Hung Kai Properties in early 2025 for HK$602 million.
Market watchers cited sensitivities to interest rates, construction costs and geopolitical factors as reasons for ongoing caution despite the strong bidding interest.