K Wah pays HK$5.87 billion for Kai Tak site, winning Hong Kong’s final land auction for 2016
K Wah International Holdings Ltd., the developer controlled by casino tycoon Lui Che-woo, has won the Hong Kong government’s final land auction of 2016, paying HK$5.868 billion for a piece of land at the former Kai Tak airport site.
The winning bid on the site, with a total gross floor area of 574,270 square feet, puts it at about HK$10,200 per sq ft according to Land Department’s data, in line with the market’s estimate of between HK$5.74 billion and HK$6.32 billion in total.
The site, known as Kai Tak Area 1K Site 2, is adjacent to a piece of land that HNA Holding Group had bought on December 19 for HK$5.412 billion, or a record HK$13,600 per sq ft.
Today’s auction bolsters Hong Kong government’s revenue from land sales to a record HK$71.88 billion in the first three quarters of fiscal 2016.