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Far East Consortium wins Hong Kong site with HK$2.45B bid

Far East Consortium International Ltd. placed the winning HK$2.45 billion bid for the 50-year land grant of an approximately 11,276-square-meter nonindustrial development site in the Kai Tak area of Kowloon, Hong Kong.

The property company, through its Sanon Ltd. subsidiary, outbid nine other tenderers including CK Asset Holdings Ltd., Sun Hung Kai Properties Ltd., China Overseas Land & Investment Ltd., Sino Land Co. Ltd., Wheelock Properties Ltd., K&K Property Holdings Ltd. and Great Eagle Holdings Ltd.

The New Kowloon Inland Lot No. 6607 site near the Kai Tak Sports Park has a gross floor area of between 24,000 square meters and 32,000 square meters, according to Hong Kong's Lands Department.

CHFT Advisory and Appraisal, in its latest estimate for the site, expected the land plot to fetch between HK$3.4 billion and HK$3.6 billion, while Knight Frank predicted the site would sell for between HK$2.7 billion and HK$3.2 billion.