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Sun Hung Kai, CK Asset, Henderson vie for HK$40B site at Hong Kong's The Peak

Sun Hung Kai Properties Ltd., CK Asset Holdings Ltd. and Henderson Land Development Co. Ltd. are among the five parties that submitted bids for an exclusive government land parcel on Mansfield Road at Hong Kong's upscale The Peak area, which is expected to fetch up to HK$40 billion, the South China Morning Post reported.

Other bidders for the luxury residential site along with the Hong Kong-listed property giants are K. Wah International Holdings Ltd., as well as a consortium comprising New World Development Co. Ltd., Nan Fung Development Ltd., Chinachem Group Co. Ltd., China Overseas Land & Investment Ltd. and Wharf (Holdings) Ltd., according to the publication.

The parties managed to submit their respective offers when the city's Lands Department closed on Oct. 12 the tender for the first government land plot that was offered in The Peak in eight years. The rare land site has a gross floor area of up to 400,430 square feet, the paper added.

Thomas Lam, executive director of Knight Frank, was cited in the Oct. 12 report as saying the bidding response for the rare site was not that active due to the property's size and fears over the potential impact of the U.S.-China trade war and Hong Kong's vacancy tax, which could further hike the cost of development.