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Hon Kwok Land Investment is seeking a further reduction in a proposed HK$320 million land premium for its residential redevelopment at Diamond Hill, Kowloon.

The price, which represented an accommodation value of about HK$1,598 per square foot, was 10 per cent higher than expected, a source close to the developer said.

Clement Ying Yat-man, director of the company's development arm, Hon Kwok Project Management, said the proposed premium set by the Lands Department did not reflect the market price.

He said the company thought there was room for a further reduction in the premium considering the generally weak sentiment in the market.

Hon Kwok acquired the 24,210 sq ft former Heung To Middle School site at Diamond Hill for HK$183 million in 1997 and has won Town Planning Board approval to change its use to residential.

The developer planned to build a 38-storey residential-commercial block that would provide 287 units and 152 car-parking spaces.

It would have a total floor area of 200,190 sq ft.

The Lands Department originally proposed a land premium of about HK$400 million for the project, but this was rejected by the developer.

Sources said some international schools were interested in acquiring the former school site because of its convenient location, but no deals had been concluded.

Meanwhile, Hon Kwok is expanding its property development in the mainland.

The developer released its Millennium Oasis residential project in Shenzhen at an average price of about HK$8,300 per square metre early this month. The two-phase development could provide a total floor area of more than one million square feet.



Hon Kwok seeks further reduction in Diamond Hill land premium