A price higher than market expectations.
Grand Apex, a Sino Land and Empire Group by Walter Kwok joint venture vehicle, out-bid 23 rivals and acquired the Wong Chuk Hang commercial site for HKD2.53b.
According to a research note from Kim Eng, it was 10% higher than market expectation.
This translates into HKD8,872 per sq ft based on a maximum GFA of 284,945 sq ft and it is the most expensive commercial land sale in Hong Kong Island's history.
Here's more from Kim Eng:
The price is 47% higher than the previous commercial site in Kwai Chung sold in May and suggests that the developers maintain a rather bullish outlook.
We expect the ASP of the commercial project to be about HKD15,000 per sq ft, about 20% higher than the secondary commercial property prices in the area.
Do you know more about this story? Contact us anonymously through this link.