International real estate firm Savills is delighted to announce the successful completion of the transaction of a residential site in Fanling, New Territories (the “Property”), where the core area of the “Northern Metropolis”.
The Property was sold to Ming Hing Waterworks for HK$77.3 million. It involves parts of sections of Lot No. 1583 & Lot No. 1584 in Demarcation District No. 100, which is situated next to Miami Crescent on 328 Fan Kam Road.
The Property, of Residential (Group C) 3 in terms of town planning standards, spans approximately 56,119 square feet in area and is intended primarily for low-rise, low-density residential developments that are up to 3 storeys with a maximum height of 9.5 metres and no more than 15% of site coverage. A maximum plot ratio of 0.4 will render a maximum GFA of 22,447 square feet approximately at the site.
The property is a pleasant site on the side of a road that stretches 140 metres in length and provides easy connection to most parts of Yuen Long and North District, including a 2-minute drive to Fanling Golf Course and a 20-minute drive to Kam Tin and Yuen Long. The site is ideally set for the proposed Northern Metropolis and will benefit from its huge prospects of a new vibrant economic belt.
