|Wheelock wins Kai Tak site for HK$2.52b
Wheelock (0020) outbid 11 others to grab a site in Kai Tak for HK$2.52 billion, higher than market estimates.
The site has a site area of 7,674 square meters, with gross floor area between 23,022 sqm and 38,370 sqm. Of which, no more than 37,602 sqm are for private housing, representing HK$6,101 per buildable square foot. Wheelock will have to build at least 630 flats in the site.
Meanwhile, Great Eagle (0041) won a site in Pak Shek Kok for HK$2.41 billion, 17 percent less than market estimate. The site, which drew a total of four bidders, has a site area of about 19,400 sqm with gross floor area between 40,740 sqm and 67,900 sqm respectively.