Hong Kong's Lands Department awarded the tender to a private residential development site in the Tuen Mun area of the New Territories in the city to Kaisa Group Holdings Ltd. after the property company offered to pay HK$3.50 billion.
The Chinese developer outbid 15 other tenderers including Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd., Henderson Land Development Co. Ltd., Sino Land Co. Ltd. and Wheelock Properties Ltd. to secure the 50-year land grant to the roughly 13,538-square-meter Tuen Mun Town Lot No. 518 property along Castle Peak Road.
Tuen Mun Town Lot No. 518 has a minimum gross floor area of 32,492 square meters and a maximum gross floor area of 54,152 square meters, the Lands Department added.