A unit of developer China Overseas Land & Investment Ltd. secured the tender on a 50-year land grant for an approximately 9,048-square-meter lot in Kai Tak in Kowloon, Hong Kong, at a premium of about HK$8.03 billion.

The parcel, Lot No. 6575 at Kai Tak Area 4B Site 2, is designated for private residential purposes, with a maximum allowed gross floor area of 55,192 square meters.

China Overseas unit Macfull Ltd. was vying for the site with various subsidiaries and joint ventures of CK Asset Holdings Ltd., K. Wah International Holdings Ltd., Sino Land Co. Ltd., New World Development Co. Ltd. and Sun Hung Kai Properties Ltd.