Update | Hong Kong’s final tender for Kai Tak site for 2016 draws 16 bids

Reading Time:2 minutes

An official list of bidders for the final land tender of the year, in Kai Tak, will be released by the Lands Department later Friday. Photo: Dickson Lee

Published: 2:22pm, 23 Dec 2016Updated: 2:37am, 24 Dec 2016

Hong Kong government’s final land tender for the year, at the former airport site of Kai Tak, has attracted 16 bids from local and Chinese developers.

The Kai Tak Area 1K Site 2, close to a plot sold on Monday to HNA Holding Group for a record HK$13,600 per square foot, could fetch between HK$5.74 billion to HK$6.32 billion, valuers said.

On a per-square-foot basis, that will be between HK$10,000 and HK$11,000 per sq ft for the site, which can yield 574,259 sq ft in gross floor area.

The value of Site 2 could be lower than the two previous plots -- 1K Site 3 and 1K Site 1 -- sold to HNA, said Midland Surveyors director Alvin Lam.

“The view from this site will be blocked by other buildings that will eventually be built on Site 3 and Site 1,” Lam said.

New World Development, Cheung Kong Property , K Wah International, Logan Property, Shimao Property Holdings, Sun Hung Kai Properties, Wheelock Properties, Far East Consortium International, Vanke Property (Overseas) and Chinachem Group submitted separate bids for the site before tender closed at noon on Friday.

Sino Land teamed up with China Overseas Land and Investment and SEA Holdings, while

.css-sioo19{color:#c79a00;}Update | Hong Kong’s final tender for Kai Tak site for 2016 draws 16 bids

Update | Hong Kong’s final tender for Kai Tak site for 2016 draws 16 bids