BIDDING GOES HIGH
A luxury residential site in Island South was sold in an open tendering for HK$498 million. At HK$38,488 per sq ft, 35 South Bay Road was believed to have achieved the second highest price in a government tendering. Twelve bidders competed for the site, making it the most popular government tender this year. Market experts believe the winning developer could sell houses built on the 14,403 sq ft site for more than HK$50,000 per sq ft.