Grand Ample, a consortium made up of Sino Land Co. Ltd., China Overseas Land & Investment Ltd. and K. Wah International Holdings Ltd., won the development tender for a residential site in Yuen Long, Hong Kong, for HK$8.33 billion.
The South China Morning Post reported that the consortium offered an upfront payment for the site's phase one development, equivalent to HK$6,735 per square foot. It beat seven other bids from developers such as China Resources Land Ltd., Cheung Kong Property Holdings Ltd., Sun Hung Kai Properties Ltd. and Henderson Land Development Co. Ltd.
Victor Lai, CEO of property consultancy firm Centaline Professional, said the winning tender was higher than market expectations. It also tops Sun Hung Kai's HK$9.32 billion tender for the Yoho project development rights in the same area in 2015.
Lai added that total investment for the new Yuen Long project is estimated to exceed the HK$16 billion mark, with the site potentially providing 1.24 million square feet of gross floor area spread across 1,652 flats. The project is scheduled to be delivered in 2025, according to the May 26 report.