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COMMERCIAL PROPERTY, MARKETS & INVESTING | Staff Reporter, Hong Kong
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Portion of Kai Tak runway sold for $15.95b

The amount was slashed by up to 20% from the top price range.

The tender for a 50-year lease of a portion of the former runway of Hong Kong’s Kai Tak airport was sold at the lower end of its expected tender price range at $15.95b, according to data from the Lands Department.

Ultra Keen Holdings, a consortium comprised of China Overseas Land & Investment, Henderson Land Development Company, K. Wah International Holdings and Wharf Development, clinched the site at a discount of up to 20% from the top price range.

Kai Tak Area 4A Site 2 i has a site area of about 18,353 sqm and is designated for non-industrial purposes excluding office, godown, hotel and petrol filling station. The minimum gross floor area (GFA) is 67,172 sqm and the maximum GFA is 111,953 sqm. This included the GFA of government accommodation to be constructed by the purchaser.

It is also designated for government accommodation, being a residential care home for the elderlyy, a centre for integrated home care services team, four small group homes, a day care centre for the elderly, a neighbourhood elderly centre, an integrated vocational rehabilitation services centre and a hostel for moderately mentally handicapped persons.

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