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Sino Land-led group to pay record $2.21 bln for Hong Kong residential site
November 15, 2017 / 11:46 AM / 10 days ago

Sino Land-led group to pay record $2.21 bln for Hong Kong residential site

HONG KONG, Nov 15 (Reuters) - A consortium led by Hong Kong’s developer Sino Land Co Ltd on Wednesday won a record HK$17.3 billion ($2.22 billion) tender for a residential site in Kowloon, beating other 10 bidders.

The consortium comprises Sino Land, Shimao Property Holdings Ltd, Wheelock Properties Ltd, K. Wah International Holdings Ltd and S E A Holdings Limited, the government said in a statement.

The price tag is near the high end of estimates from four analysts ranging from HK$13.8 billion to HK$17.8 billion for the plot in Cheung Sha Wan in Kowloon.

The deal broke the previous record of a government land sale set in February when a residential site in Ap Lei Chau on southern part of Hong Kong was sold to two mainland Chinese developers for HK$16.9 billion.

“We plan to build a premium residential development to make the most of the panoramic harbour views, complete with green architectural features and smart home designs,” Daryl Ng, Sino Group’s deputy chairman, told Reuters in an email reply.

“We look forward to adding vibrancy to the well-established community,” Ng added. He gave no further details.

The consortium beat 10 companies including top developers such as CK Asset Holdings Ltd, Sun Hung Kai Properties Ltd and Henderson Land Development Co Ltd, and won the plot of land in Kowloon, the government said in a statement.

Located near a subway station with an area of about 19,348 square metres and a maximum gross floor area of 91,770 square metres, the site offers a full sea view of the city’s Victoria Harbour. ($1 = 7.8056 Hong Kong dollars) (Reporting by Twinnie Siu and Joy Leung; Editing by Hugh Lawson)

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