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Residential Property

Staff Reporter

, Hong Kong

Published:

10 years ago

2 home sites in Kai Tak sold for $4.54b

Ace Dragon Development won the title.

The Lands Department awarded tenders for two residential sites in Kai Tak, under the 'Hong Kong Property for Hong Kong People' measure, on 50-year land grants at a total premium of $4.54 billion.

The sites were awarded to the highest tenderer, Ace Dragon Development Limited (parent company: China Overseas & Investment Limited), at $2.27 billion for each lot.

A total of 16 tenders were received for the first site, New Kowloon Inland Lot No. 6516, which has a site area of about 7,771 square metres and is designated for non-industrial purposes. At least 545 residential units must be built.

The second site, New Kowloon Inland Lot No. 6517, attracted 13 tenders in total and has a site area of about 8,585 square metres. It is also designated for non-industrial purposes, and at least 600 residential units must be built.

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