Wheelock wins runway site

Business | Lucas Lo 28 Mar 2019

Infinite Sun, representing Wheelock (0020), Henderson Land Development Company (0012), China Overseas Land & Investment (0688) and New World Development (0017), won a new Kowloon inland site at Kai Tak on a 50-year land grant for HK$9.89 billion.

The land is on the old Kai Tak airport runway, with an area of about 103,000 square feet a plot ratio of about seven times and total gross floor area up to 722,000 square feet.

The price per square feet is about HK$13,700, which is in line with market expectations.

Alex Leung from CHFT Advisory and Appraisal said the price is slightly higher than that of the previous site at Kai Tak, reflecting the market has improved significantly from the end of last year.

The Lands Department received a total of six bids. Besides Wheelock, other bidders included CK Assets (1113), Sun Hung Kai Properties (0016), Chinachem and K&K Property.

The consortium said most of the units can have sea views of the core business district of CBD2 in Kowloon East. The site is rare and high quality with great development potential.

MTR Corp (0066) has opened a tender for Phase 11 of Lohas Park with a record-high accommodation value of HK$3,194 per square foot.

The project is above the shopping mall of Lohas Park, providing no more than 1,850 residential units with an average area of about 517 square feet per unit.

The project is expected to be completed in 2025.

Centra Horizon in Tai Po, developed by Billion Development and Project Management, uploaded its sales brochure offering a total of 1,408 units.

The company said it will plan to launch the project in April.

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