Consortium wins development rights to MTR’s Wong Chuk Hang residential project at a lower premium than earlier phase
- New World, Empire Group, Lai Sun and CSI Properties were part of the consortium that won the tender for the fifth phase of the project at Wong Chuk Hang station
- The plot can yield a gross floor area of as much as 636,152 sq ft, which could accommodate up to 1,050 flats with an average size of around 600 sq ft
A consortium of four Hong Kong developers has won the development rights for the latest residential project at Wong Chuk Hang MTR station, which has been acquired at a lower premium than the previous phase.
“The pandemic has not affected the developers’ determination to continue buying and investing in land,” said James Cheung, executive director at Centaline Surveyors. “The government has slowed down the pace of land launches [so] high-quality lots along the railway are even rarer.”
Kayson beat Sun Hung Kai Properties, CK Asset, K Wah International and two other consortiums. Notably, the bidders were all local developers.
The premium for the project, which the winner pays the government for the development rights, was set at HK$6.44 billion (US$830.4 million), or HK$10,119 per sq ft.
The premium is 4.4 per cent lower than phase four, according to market sources. Bidders, however, had to offer an extra undisclosed amount to compete for the latest project, they added.