More than 50 luxury homes, with a value of up to HK$1.86 billion, could be built on the Cheung Sha sites due to be auctioned this year.
The three vacant plots, all within 1 km of the San Shek Wan roundabout, are zoned for low-density residential housing.
They have been included in the 2018-19 government land auction, announced last week, and are certain to be snapped up for upscale residential development.
The biggest site, Lot 738, will yield approximately 93,000 sq feet of floor space, equivalent to 30 to 40 bungalows, according to analysis by the Economic Times..
The 2.15 ha site surrounds the Cheung Sha police base on South Lantau Road, abutting Acacia Villas. On current market valuations it is worth anywhere between HK$830 million to HK$1.2 billion yuan.
Nearby is Lot 765, 2,730 sq metres, in a cul de sac on the coastal side of South Lantau Road. An adjacent site sold last year for a record HK$210 million, or $19,667 per sq ft.
It has potential floor space of about 12,000 sq feet, enough for five or six homes. Its estimated value is approximately HK$140 million to HK$210 million.
The third site, Lot 766, is between the YWCA camp and San Shek Wan village.
The 5,770 sq-metre plot has potential floor space of up to 25,000 sq ft, enough to build ten to 12 three-storey houses, worth HK$300-450 million in current prices.
With its ocean views, beach proximity and convenience to Tung Chung and the new Macau bridge, Cheung Sha has become Lantau’s luxury hotspot,
Apart from the well-known Whitesands and Botanica Bay developments, the government has sold three other plots for high-end development in recent years.