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K. Wah unit wins tender for Hong Kong site with HK$5.87B premium bid

A K. Wah International Holdings Ltd. unit emerged the top bidder for a non-industrial site at Kai Tak in Kowloon, winning the Hong Kong Lands Department's tender with a premium of approximately HK$5.87 billion.

Century Basis Ltd. clinched the 50-year grant tender for New Kowloon Inland Lot No. 6566, which has a site area of about 9,700 square meters. The non-industrial asset can be used for purposes other than for office, godown, hotel and gas station development.

The minimum and maximum gross floor area of the property span 32,010 square meters and 53,350 square meters, respectively.

The tender drew participating bids from subsidiaries of several companies, including China Overseas Land & Investment Ltd., Sino Land Co. Ltd., Sun Hung Kai Properties Ltd., New World Development Co. Ltd., Far East Consortium International Ltd., Shimao Property Holdings Ltd., China Resources Land Ltd., Cheung Kong Property Holdings Ltd. and Logan Property Holdings Co. Ltd.