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Sun Hung Kai, CK Asset compete for HK$10.8B Hong Kong site

Hong Kong's Lands Department received six bids for Area 4B Site 1 in the Kai Tak area of Kowloon in the city, a residential plot expected to fetch between HK$9.4 billion and HK$10.8 billion, the South China Morning Post reported, citing Knight Frank and CHFT Advisory and Appraisal.

The property that can yield a gross floor area of 722,060 square feet attracted tender proposals from Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., Chinachem Group Co. Ltd., K&K Property Holdings Ltd., a Sino Land Co. Ltd. joint venture with K. Wah International Holdings Ltd. and a consortium comprising New World Development Co. Ltd., Henderson Land Development Co. Ltd., Wheelock Properties Ltd. and China Overseas Land & Investment Ltd., according to the publication.

Thomas Lam, executive director at Knight Frank, was cited in the March 22 report as attributing the lackluster response to the tender to factors including the up to HK$17 billion cost of developing the site, the trade war between the U.S. and China and the proposed new tax on vacant homes.

Area 4B Site 1 is near the New Kowloon Inland Lot No. 6547 development site, which was temporarily taken off the market by the land authority in late January after it attracted bids that were lower than the reserve price set by the government's professional valuers. The nonindustrial plot was earlier valued by Knight Frank at between HK$8.9 billion and HK$9.5 billion.

Still in Kai Tak, the Lands Department launched March 22 the public tender for a nonindustrial land parcel and flagged the March 29 start of the bidding process for a similarly zoned development site. The tender for the roughly 9,765-square-meter New Kowloon Inland Lot No. 6552 will close May 3, while the approximately 10,692-square-meter New Kowloon Inland Lot No. 6546 will remain on offer until May 10, according to the government agency.

Elsewhere in Hong Kong, MTR Corp. Ltd.'s expression of interest process for a residential development site in New Territories' Tseung Kwan O area garnered 29 registrations. The tender for Lohas Park's phase 11 is expected to fetch HK$4.78 billion, according to Centaline Surveyors as cited by the paper.