A 632,923-square-foot site zoned for commercial development in Hong Kong's West Kowloon area could become the city's priciest plot ever placed on the market through government tender, estimated to fetch between HK$95 billion and HK$142 billion in a sale, according to a report by the South China Morning Post.
The plot is part of four commercial land parcels the Hong Kong government is planning to put up for public tender under its fiscal 2018-2019 land sale program, with the remaining three having been zoned for hotel development. Authorities have also allocated 27 residential plots to be put up for sale by the tender process under the same program.
The plot, which is likely to be housing the biggest supply of new grade A offices in Kowloon upon its development, is situated above the West Kowloon terminal of the special administrative region's future Guangzhou-Shenzhen-Hong Kong Express Rail Link, according to the March 6 report.
The new office space expected to come online at the site will top the 2.5-million-square-foot office area available at Sun Hung Kai Properties Ltd.'s 118-story International Commerce Centre building at Kowloon station, which stands as the city's tallest skyscraper.
