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6/22 News Roundup: Road King Won Tuen Mun Site for HK$3.17b, AVA 61 Received 171 Subscriptions

Hong Kong Property | June 22, 2017

Road King Won Tuen Mun Site for HK$3.17b
A joint tender submitted by local developer Road King Infrastructure (1098) and Shenzhen Investment (0604) has won a site on Kwun Chui Road in Tuen Mun town for about HK$3.17 billion, or HK$6,700 per square foot on a 50-year land grant. The Tuen Mun site, designated for private residential purposes, has an area of 131,000 square feet with a maximum gross floor area of approximately 473,000 square feet. In February, Road King surprised the market by winning a MTR Corp tender for a residential plot next to the Wong Chuk Hang station in February, through a 50-50 joint venture with Ping An Real Estate Capital, a unit of China’s second largest insurer Ping An Insurance.

AVA 61 Received 171 Subscriptions
In primary market business, meanwhile, Way Creation’s Cheung Sha Wan project AVA 61 received 171 subscriptions for the first batch of 86 flats. More than 80% of the flats are priced below HK$4 million. The completion of this latest micro flat project in Kowloon is expected in March 2020, which will provide 138 units in a single building on Tai Po Road. Meanwhile, Sun Hung Kai Properties has opened the show flats of its Yuen Long project PARK YOHO Genova for public. It will start receiving subscriptions from today, and will open for sale soonest next week.

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