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November 24, 2016

Kai Tak commercial site sold for $7.388 billion
On November 23, The tender for a Kai Tai commercial site has been awarded to Lifestyle International Holdings subsidiary Leader Bright on a 50-year land grant at a premium of $7.388 billion. The site is New Kowloon Inland Lot No. 6557. The Lands Department said the site is 14,159 sq m and is designated for non-industrial purposes. The minimum and maximum gross floor areas are 61,167 and 101,944 sq m, including a public car park to be constructed by the purchaser.
     Experts in the field said that the site could be built into Hong Kong's first iconic twin towers. Thomas Lam, a senior director at Knight Frank, said the long payback period might be the reason the winning bid was lower than expected, as the proposed development would be leased instead of sold. "It is a good price for the winner as the area has vast potential for development in the future," Lam said.
     Earlier, on November 16, the Lands Department announced the tender for a Kwun Tong site has been awarded on a 50-year land grant at a premium of $6.388 billion. New Kowloon Inland Lot No 6584 off Sin Fat Road was awarded to Golden Centurion, a subsidiary of Wheelock Properties.
     It has a site area of 18,261 sq m and is designated for private residential purposes. The minimum and the maximum gross floor areas are 46,073 and 76,788 sq m.



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