Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd. and Sino Land Co. Ltd. are among the 10 developers competing for the tender to a commercial land parcel in the Kai Tak area of Kowloon, Hong Kong, South China Morning Post reported Aug. 9, citing the city's Lands Department.
Aside from the three companies, other bidders hoping to secure the development for the property include China Overseas Land & Investment Ltd., Great Eagle Holdings Ltd., Far East Consortium International Ltd. and K&K Property Holdings Ltd.
The development site can yield up to 344,448 square feet of gross floor area. CHFT Advisory and Appraisal expects the plot to fetch between HK$3.4 billion and HK$3.6 billion, down from its prior estimate in May of between HK$4.25 billion to HK$4.5 billion, the publication reported. Knight Frank estimated the property may sell between HK$2.7 billion and HK$3.2 billion.