Sino Land Co. Ltd. won the tender for the redevelopment of CLP Group's former headquarters on Argyle Street in Kowloon, Hong Kong.
The Hong Kong electric company has been planning to redevelop its former administrative office into a residential development since 2011, with plans to preserve the Clock Tower building for community use.
The companies did not disclose financial terms of the joint development, but Centaline Professionals CEO Victor Lai Kin-fai was quoted by the South China Morning Post as saying that construction of the project would cost roughly HK$2.1 billion, if the per-square-foot price for a luxury residential project in Hong Kong at HK$7,000 to HK$8,000 will be considered.
Sino Land and CLP will collaborate for the residential project, comprising 175 units across three 25-story buildings, with gross floor area covering about 310,000 square feet.
The Dec. 17 report also noted that the project will take Sino Land's estimated spending for 2017 to more than HK$22 billion and site acquisitions to seven, making Sino Land the busiest Hong Kong developer for the year.
Earlier, Sino Land teamed up with Kerry Properties Ltd. to win an MTR Corp. Ltd. residential project near the Wong Chuk Hang station. The company was also part of a consortium that clinched a Cheung Sha Wan site for a record breaking HK$17.29 billion.