China Overseas Land & Investment has secured a 50-year lease for a 33,712 sq ft residential plot in Ngau Tau Kok, Hong Kong, after outbidding eight competitors with a HK$1.8 billion (US$230 million) offer. The Lands Department announced this on Tuesday. The site, located on Choi Ha Road near Kowloon Bay MTR station and Amoy Gardens, is expected to produce about 470 flats. CBRE valued the plot between HK$1.3 billion and HK$1.5 billion, which equals roughly HK$4,400 to HK$5,100 per square foot of accommodation value. Cyrus Fong, executive director at Knight Frank, said, “The transaction price for the Choi Ha Road site was slightly higher than expected, especially compared with the Jordan Valley site.” He noted that all nine bids showed strong market confidence in good urban sites. Fong added that the developer would likely focus on building small and medium-sized flats.