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Henderson Land gets OK to purchase space in Hong Kong buildings it doesn't own

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Henderson Land gets OK to purchase space in Hong Kong buildings it doesn't own

Hong Kong's Lands Tribunal approved Henderson Land Development Co. Ltd.'s application to compulsorily buy the space it doesn't own in the 60-year-old buildings at 1-21C Whampoa St. and 80-86 Baker St. in the Hung Hom area of Kowloon, Mingtiandi reported.

The developer had acquired ownership of more than 80% of the above blocks prior to the approval. The ruling triggers compulsory sale of the remaining space of 19,700 square feet to the developer according to local laws.

The development intended for the site will cover 112,000 square feet and is expected to have a gross floor area of more than 1 million square feet and worth about HK$2.14 billion, the Aug. 4 report added.