New | Latest Kai Tak residential land plot attracts record 21 bids
‘Area 1L Site 3’, potentially overlooking Kai Tak Sports Park, valued at HK$2.98-4.38 billion
A parcel of residential land at the site of Hong Kong’s former Kai Tak airport has emerged as the most sought after in the area among developers, shrugging off the impact of the long-awaited interest rate increase by the US Federal and Hong Kong Monetary Authority.
The Lands Department said it had received 21 bids for the plot, adjacent to a Kai Tak site that sold for a record HK$8.84 billion in November, which could yield 397,967 square feet of gross floor area.
The response surpassed the previous record of 20 bids submitted for another residential site early last month. That site sold to HNA Group for HK$8.84 billion.
Surveyors are projecting the site, known as Kai Tak Area 1L Site 3, could be worth between HK$2.98 billion to HK$4.38 billion, or HK$7,500 to HK$11,000 per square feet.
Knight Frank’s senior director Thomas Lam said Hong Kong’s developers are not expected to slow their bidding for prime sites, because they need to continuously replenish their land bank to keep up with an active construction pipeline of apartments and other buildings.