Choice Kai Tak commercial site goes to Goldin

Top News | Gary Poon and Kevin Xu 16 May 2019

A commercial site at Kai Tak has gone to mainland company Goldin for HK$11.1 billion, or more than HK$12,800 per square foot. That was at the upper end of the estimated price.

Goldin executives such as chairman Pan Sutong were said to be delighted to acquire the 10,692-square-meter plot, which should be good for up to 80,190 square meters of floor space.

The site is rated as potentially very exclusive as it is the only commercial plot at the Kai Tak site with a full view of Victoria Harbour. So it is expected a hotel and an office block will be among features.

The developments are expected to require an investment between HK$16 billion and HK$18 billion.

Valuations earlier were that the selling price of the plot would be between HK$8.2 billion and HK$11.2 billion.

Wong Kim-bon, the executive director of valuation and advisory services at Cushman & Wakefield, believed some international corporations will choose to rent space for their headquarters in the area, especially with the attraction of it being close to the MTR's Shatin to Central Line now being built and to Kai Tak Sports Park.

Other bidders for the site included CK Asset, Sun Hung Kai Properties, Great Eagle Holdings, Wheelock Properties and Sino Land.

Goldin also acquired an adjacent site 4 for HK$8.91 billion in November.

But none of nine tenders managed to win another nearby Kai Tak commercial plot in January as the government's reserve price was not met.

That will be put on sale again this year.

Goldin is the parent company of the listed Goldin Financial Holdings, with its core businesses including financial services, consumer electronics, wine, lifestyle and properties.

The group also has Goldin Financial Global Center in Kowloon Bay, a project in Sheung Shing Street Ho Man Tin and a project atop the MTR station in Ho Man Tin.

Last week, a Kai Tak residential site went for HK$12.5 billion to a joint venture led by Wheelock Properties.

Meanwhile, CK Asset has been given the green light to raise the plot ratio on a commercial site at Hok Yuen Street in Hung Hom.

The developer now plans a 38-floor commercial building with four basement levels and a platform.

The Town Planning Board has not objected to CK Asset's plans and it is expected to be approved at its meeting on Friday.

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