The tender for three petrol stations on San Fung Avenue, Peak Road, and Castle Peak Road has been collectively awarded to Sinopec on a 21-year land grant for $408 million.

Sinopec's parent company is China Petroleum & Chemical Corporation.

The sites are existing, re-tendered sites for the development of petrol stations.

Authority from the Central Tender Board was given to the Lands Department to award the sites to the highest tenderer.

The successful tender was submitted on the basis of a single amount of tender premium for the purchase of all three sites collectively as one package.