Joint venture of Sino Land and Great Eagle wins Choi Hing Road site for $1.61 b

The joint venture of Sino Land (0083) and Great Eagle (0041) has won the tender for a residential site on Choi Hing Road, Jordan Valley, at a premium of HK$1.61 billion, or HK$4,339 per square foot.

The tender met market expectations, which ranged from HK$1.48 million to HK$2.23 million, or HK$4,000 to HK$6,000 per sq ft.

Other bidders included CK Asset (1113), Henderson Land Development (0012), Kerry Properties (0683), Wheelock Properties, Sun Hung Kai Properties (0016), K Wah International (0173), and Keen Point.

The site has an area of 3,830 square metres, with a gross floor area of 371,000 sq ft. It's expected to offer 570 units.

Sino Land said it remains committed to pursuing potential development opportunities to strengthen its land bank and to deliver high-quality projects that provide sustainable, long-term value to shareholders and stakeholders.