Sino Land Co., the blue-chip developer, successfully managed to big 10.40 Billion Hong Kong Dollar ($1.34 Billion) to bag two major residential sites at a Hong Kong Government land auction, which was held on Monday. This was the city's first main land auction since 2007's auction which happened in the later part of the year.

The total price garnered was, however, much below the average forecast pegged by 7 surveys and analysts polled by Dow Jones Newswires, who had expected the figure to be around an average of HK$11.58 Billion.

The first site was sold off for HK$5.15 Billion, while the second land pulled in an amount of HK$5.25 Billion.

Sino Land Chairman Robert Ng has shared that the price is "very reasonable", while detailing the company's plans of developing "luxury apartments and houses" on two residential sites. Both the lands are located in Tai Po, the New Territories.

In order to bid for the second site, the company had joined hands with K Wah International Holdings Ltd., with Sino Land holding an 85% interest and K Wah 15%.