Hong Kong to sell its priciest plot of land ever
September 26, 2019 - Kowloon Station
The Hong Kong government is putting up for tender the biggest and most expensive plot of land it has ever sold, shrugging off concerns about the effects of unprecedented civil unrest on market sentiment.
The six-hectare commercial site directly on top of the West Kowloon high-speed rail terminus is expected to fetch a record price of about HK$90 billion (US$11.5 billion).
It is seen attracting a winning bid of between HK$20,000 and HK$28,000 per square foot. That estimate, by Knight Frank, has dropped considerably since January – long before the start of anti-government protests – when it was seen fetching between HK$27,000 and HK$35,000, or HK$79 billion to HK$110 billion.
Despite the downward revision, the estimated bid price would still be the record-high in a city already known as the least affordable in the world.
The plot, equivalent to 643,100 square feet, is suitable for a mixed-use development with components like office buildings, a five-star hotel, and retail and other commercial spaces. It is likely to generate a total gross floor area of 3 million square feet.
The tender was launched on September 20 and will close at noon of November 22.
Source : Cheryl Arcibal / SCMP
Photo : Roy Issa
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