CK Asset corners project

Top News | Samantha Wong 10 Aug 2018

CK Asset Holdings has won the tender for the MTRCL's Wong Chuk Hang Station package three development for an undisclosed sum.

CK Asset, formerly known as Cheung Kong Property, has participated in the MTRCL's various retail and residential property developments, including the Tsing Yi Station development and Lohas Park phases one, two, three and eight.

The Wong Chuk Hang Station project, expected to be completed in 2023, will provide a total gross floor area of around 1.5 million square feet, including residential and retail space, the company said.

The land premium is around HK$13 billion, said Midland Realty surveyor Lam Chi-pan. Lam estimated the site to be around HK$22.6 billion to HK$36.1 billion.

And so, Lam added, the total cost for acquiring the site should be over HK$30 billion, which translates to HK$15,000 to HK$24,000 psf.

The maximum gross floor area of the residential part is a million sq ft, plus 500,000 sq ft for retail space.

Lam said the development is expected to provide 1,200 small to medium-sized apartments and around 400 parking spaces.

Five tenders were received earlier, including those from Sun Hung Kai Properties, Chinachem and Henderson Land.

samantha.wong@singtaonewscorp.com

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