A 147,499 square feet site at the junction of Hung Luen Road and Kin Wan Street in Hung Hom was awarded to Wheelock for HK$4 billion. The site is designated for non-industrial purposes. With maximum developable area of 589,996 square feet, the site has an accommodation value of about HK$6,827 per square feet. Wheelock says it would build a Grade-A office building on the site. Analyst says the aggressive bidding price is due to the scarcity of office sites with sea views and it is expected that the offices would ask for HK$12,000-13,000 per square feet after completion.