West Kowloon station site valuation revised downBusiness | 20 Nov 2019 4:50 pm
Real estate analysts have lowered the valuation for the commercial plot on top of the West Kowloon High Speed Rail Station.
Centaline Surveyors valued the site at HK$63.29 billion to HK$79.12 billion, or HK$20,000 per square foot to HK$25,000 per sq ft, compared with the previous estimate of between HK$20,000 per sq ft and HK$30,000 per sq ft.
Knight Frank valued the site at between HK$47.3 billion and HK$63 billion, or between HK$15,000 per sq ft and HK$20,000 in terms of gross floor area, about 40 percent below the previous valuation of between HK$79.1 billion and HK$110 billion in September.
Thomas Lam, executive director and head of valuation and advisory at Knight Frank, estimates the plot will only receive three to four tenders, as the investment could be between HK$60 billion and HK$70 billion. The tender closes on Friday.