Denco Properties Ltd. won a tender for a private residential site located in the Kai Tak area of Kowloon, Hong Kong, for a land premium of HK$5.41 billion.
The Lands Department awarded a 50-year land grant for the New Kowloon Inland Lot No. 6562 at Kai Tak Area 1L Site 3 to the company. The property has a site area of about 8,803 square meters, with its minimum gross floor area and maximum gross floor area spanning 22,184 square meters and 36,972 square meters, respectively.
Other bids came from subsidiaries of several property majors and other companies, including China Overseas Land & Investment Ltd., Sun Hung Kai Properties Ltd., Cheung Kong Property Holdings Ltd., Sino Land Co. Ltd., New World Development Co. Ltd., Great Eagle Holdings Ltd., Far East Consortium International Ltd., China Resources Land Ltd., Shimao Property Holdings Ltd., K. Wah International Holdings Ltd. and Logan Property Holdings Co. Ltd.