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COMMERCIAL PROPERTY | Staff Reporter, Hong Kong
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New World Development acquires commercial site at King Lam Street for $7.79b

It beat 8 other bidders vying for the site.

Citing a report from The Standard, Maybank Kim Eng noted that New World Development beat eight competitors as it acquired in a government tender a commercial site at King Lam Street in Cheung Sha Wan with a winning bid of HKD7.79 billion. Its offer was about 4% over the upper limit of analysts' valuation of the site.

New World's bid exceeded the HKD7.39 billion tag for a commercial site in Kai Tak last November, deemed the most expensive commercial site ever sold by the government in the Kowloon. A New World spokesman said initial development plans for the site are for the construction of two Grade-A office towers. 

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