Sun Hung Kai pays HK$42.2b for site atop West Kowloon stationBusiness | 27 Nov 2019 5:57 pm
Sun Hung Kai Properties (0016) has paid HK$42.23 billion to secure a commercial site atop the West Kowloon high-speed rail terminus.
The site is at the junction of Lin Cheung Road and Austin Road West, the Lands Department announced. The site offers 642,000 sq ft and a maximum commercial gross floor area of 3.12 million sq ft.
CK Asset Holdings (113), and a consortium involving Chinese Estates Holdings (127), Henderson Land Development Company (0012), Lifestyle International Holdings (1212), Sino Land Company (0083), and Wharf Estates (1997) were the other bidders.
Realtor Knight Frank had valued the site at between HK$47.3 billion and HK$63 billion.
Surveyors had earlier trimmed their valuation to an estimate of between HK$31.6 billion and HK$79.1 billion, or HK$10,000 per square foot to HK$25,000 per sq ft.