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Cheung Kong (Holdings) has sold the former headquarters site of Asia Television in Kowloon Tong and a luxury residential site in Mid-Levels for about HK$2.5 billion to a United States fund.
Justin Chiu Kwok-hung, an executive director at Cheung Kong, yesterday said the company had signed an agreement of sale and purchase with an unnamed US state pension fund.  The developer has also received the deposit.
'We can't disclose the price but it is close to HK$2.5 billion,' Mr Chiu  said.
The developer sold the  sites at 81 Broadcast Drive in Kowloon Tong and 16-18 Conduit Road in Mid-Levels to the fund.
According to the sales agreement, Cheung Kong is responsible for building a 103-unit project in Kowloon  and a 35-unit project on Hong Kong Island  for the buyer. The projects are scheduled for completion in 2010.
Mr Chiu said the buyer bought the properties for long-term investment.
Cheung Kong is expected to generate an attractive profit  as the sites were bought for HK$790 million.
Home prices in the areas around the sites  are about HK$12,000 and HK$15,000 per square foot respectively,  in line with  neighbouring properties.
A property agent said the average price of Kowloon Development's 31 Robinson Road luxury project, close to the Conduit Road site, was about HK$16,000 per square foot.
The sales are a sign  that the developer may not be expecting prices to  rise further, an analyst said.
'The outlook for the property market is uncertain,' the analyst said. 'It's a good deal for Cheung Kong ...  as the fund's offer  is attractive.'
Meanwhile, 15 developers yesterday showed an  interest in the Urban Renewal Authority's 'Wedding Card Street' redevelopment project in Wan Chai which could be turned into a commercial and residential project with a total gross floor area of 835,000 square feet.
Cheung Kong,  Sun Hung Kai Properties, Henderson Land, Hopewell Holdings, New World Development, K Wah Real Estates and Chinese Estates Holdings submitted expressions of interest yesterday after invitations went out last month.



Kowloon and island luxury site sales net Cheung Kong HK$2.5b