Chinachem expected to eye North Point site at land auction
Cash-rich Chinachem Group, controlled by Nina Wang Kung Yu-sum, may bid at Tuesday's government land auction.
A company executive said the group was interested in a residential site in North Point, where it already had a strong presence.
The 26,845 square foot site in Cloud View Road is one of the three on offer at next week's auction, the first since the Government suspended land sales last June in an attempt to stabilise the market. The site will produce a gross floor area of 134,225 sq ft.
The other two residential sites on sale include a 45,984 sq ft site at Broadcast Drive in Kowloon Tong and a 208,822 sq ft lot in Tuen Mun.
The Chinachem executive said the company was still studying the potential of those sites.
Developers would be cautious in bidding amid the market downturn, he said.
Big developers including Cheung Kong (Holdings), New World Development and Hang Lung Development have shown interest in bidding in the upcoming auction.
The Chinachem executive said its 30-storey office development at 338 King's Road in North Point had received a satisfactory response after it was offered for leasing recently.
He said the Transport Department had leased two office floors in the building, but declined to disclose the rental achieved.
In February, Chinachem said it had decided not to proceed with the proposed conversion of the building into a hotel, in view of sluggishness in the hospitality industry.
