The tender for the land at Kai Tak Area 1K, Kai Tak, Kowloon, being the first residential plot for sale in the area for past 2 years, will close this Friday.

The Planning Department suggested increasing the plot ratio of Kai Tak and changing part of the hotel plots to residential, resulting in a higher development potential of the area.

The market expects HKD 7,200 per sq ft of permissible GFA, with a total price of HKD 4.71 billion, which is the latest upper limit of market expectations, over 10% higher than the expectation in September.