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Public tender of Yuen Long Town Lot No.518

The tender for the site at the junction of Yuen Long On Ning Road, Tai Kiu Road and Yuen Long On Lok Road, Yuen Long, New Territories, Yuen Long Town Lot No.518 (the Lot), was gazetted today (December 31), and will close on February 18, 2011.

A spokesman for the Development Bureau said, "The initiative to sell the site to increase the supply of small and medium-sized flats was announced by the Financial Secretary in his 2010-11 Budget Speech."

For this pilot scheme, the minimum number of units and the flat size restrictions are specified in the Conditions of Sale. The area of the Lot is about 12,340 square metres. The total number of flats to be developed thereon shall not be fewer than 960 with a unit size not exceeding a saleable area of 60 square metres, of which at least 800 units shall have a saleable area between 35 square metres and 40 square metres and at least 160 units shall have a saleable area from exceeding 40 square metres to 60 square metres.

Apart from the flat mix, the Conditions of Sale have incorporated planning parameters and features that will ensure that the future development on this Lot will have a positive impact on the built environment.

"The Conditions of Sale stipulate non-building areas, a maximum site coverage of 60%, a podium height restriction of 14.1 metres above principal datum (mPD) and an overall building height restriction of 100 mPD. The objective is to improve air ventilation, especially at the street level, and reduce the potential visual impact of the development. Moreover, a minimum greening ratio of 30% with at least half to be met at the ground level has been specified to enhance the living environment and mitigate the heat island effect. A minimum gross floor area of 5,000 square metres for retail use has also been provided for to enhance the economic vitality and vibrancy of the area. These requirements have taken into account the views of the Yuen Long District Council," the spokesman added.

"The new measures to foster a quality and sustainable built environment, such as the 10% overall cap for certain green and amenity features and the provision of an underground car park, have also been incorporated into the Conditions of Sale," the spokesman said.

There is a Building Covenant in the Conditions of Sale. The successful tenderer is required to complete the development, which shall not be less than 57,075 square metres, fit for occupation on or before September 30, 2016.

The successful bid for the Lot must at least reach the reserve price, to be set by Lands Department to reflect the open market value of the Lot at the tender closing date.

"The Government will take into account the experience of this pilot scheme in considering the sale of future sites," the spokesman said.

The Conditions of Sale for the Lot are available for distribution and uploaded onto the Lands Department's website (www.landsd.gov.hk) today.

 

Ends/Friday, December 31, 2010
Issued at HKT 10:48

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