Kai Tak residential sites attract hordes of bidders

PUBLISHED : Friday, 31 May, 2013, 8:16pm
UPDATED : Friday, 31 May, 2013, 8:31pm

Two residential sites in Kai Tak on Friday received a huge response from developers who submitting a total of 29 bids despite the restriction that the flats built on the sites must be sold to Hong Kong permanent residents.

The smaller of the two sites attracted 16 bids, while the adjacent one, 13 bidders, said a Lands Department spokesman.

The sites are in the centre of the Kai Tak development area and near the future Kai Tak MTR station on the Sha Tin-Central Link line.

Surveyors estimated they could fetch HK$3.96 billion to HK$4.4 billion, or HK$4,500 to HK$5,000 per square foot.

The smaller site covers an area of 83,647 square feet, which could yield a total gross floor area of 418,235 sq ft.

The larger site has an area of 92,409 sq ft and could provide a total gross floor area of 462,045 sq ft.

Developers such as Cheung Kong, Nan Fung Development, Chun Wo Development, Paliburg, Regal Hotel International, Chinachem, Sun Hung Kai Properties, Emperor International, Wheelock Properties, Sino Land, New World Development, Lai Sun Development and Glorious Sun Enterprises, K Wah International, Wing Tai Properties, Henderson Land, and China Overseas Land and Investment submitted bids for the smaller site.

Most of them also submitted bids for the adjacent larger site, except Emperor International and Chun Wo Development.