Todd Bishop
No. 2 residential land in Kai Tak 4C District was approved last month for 12.59 billion yuan, from Wheelock Properties, Chinachem Group, China Overseas Development (0688), Henderson Land (0012), New World Development (0017) and Empire Group A total of 6 real estate developers and a group of “Big Mac” consortiums were awarded a land price of 19,636 yuan per square floor. The Lands Department has just announced the remaining bid price, and the winning bid price is only about 5.7% higher than the second bid price, reflecting the fierce bid of the developer.
The project received a total of 7 tenders, including Changshi (1113), Jiahua (0173), and Xinzhi (0083), as well as Xindi (0016), which was adjacent to the runway at the beginning of the year. The Lands Department announced that the remaining unsuccessful bids ranged from $8.1 billion to $11.87 billion, which means that the winning bid price ranged from 5.7% to 35.7% higher than the bid price. Five of the bidding prices were higher than 10 billion.
