Kai Tak Land Tender Awarded at $8.8 billion, 90% higher than expected
November 07, 2016 - Kowloon Bay
The Lands Department announced that the tender for the residential site Kai Tak Area 1K Site 3, Kowloon, has been awarded to Hongkong Island Construction Properties Company Limited, a subsidiary of a Chinese consortium HNA Group, at a premium of HKD 8.837 billion, or HKD 13,500 per sq ft of permissible GFA.
The consideration is about 90% higher than the upper limit of market estimates, being the highest in East Kowloon.
Trends, property transactions