Hong Kong real estate developers respond strongly to Kai Tak land tender despite property market pressures
- Sun Hung Kai Properties, CK Asset Holdings, Sino Land, Wheelock, Nan Fung Group and Henderson Land submit bids
- Recent land tenders have received tepid responses from developers, as Hong Kong’s property market grappled with high unsold inventory and rising interest rates
Hong Kong’s property developers responded strongly to a tender invitation for a plot of land in Kai Tak, after some analysts had expected it to be withdrawn because of site constraints.
A total of six bids were received on Monday, the last day of the tender period, extended from last week due to the black rainstorm in the city.
CK Asset Holdings, Sino Land, Wheelock Properties, Nan Fung Group and Henderson Land joined the bid on Monday, their representatives told reporters. Sun Hung Kai Properties had also made a submission, it said in a reply to The Post.
“Six bids is a surprisingly good number given the major constraints at the site. It is more than what we expected,” said Hannah Jeong, head of valuation and advisory Services at Colliers. The government has yet to reveal the total number of submissions, and calls to the government Lands Department were unanswered.
Jeong said she had originally expected the tender would be withdrawn but now “it’s just the matter of the price”. The parcels of land, with an aggregate area of 145,303 sq ft, are located in Kai Tak, the site of Hong Kong’s former international airport. They went on sale by public tender on July 28.