Sino Land’s US$3 billion spending spree makes it Hong Kong’s most active buyer of land this year
Company snaps up a seventh site this year, to be redeveloped into a residential complex in partnership with electric utility CLP
Hong Kong developer Sino Land has emerged as the city’s most active buyer of land this year, buying seven sites either by itself or through joint ventures and spending an estimated over HK$22 billion (US$2.8 billion).
It added the seventh site on Friday, winning a tender to redevelop the 77-year-old former headquarters of electricity company CLP Group in Mong Kok into a luxury residential project.
CLP and Sino will collaborate on the project and plan to redevelop the site into a housing project of 175 units in three, 25-storey residential towers. They will also preserve a historic clock tower by converting it into a community facility, including an electricity museum.
“The site, in the heart of Kowloon with beautiful views of Kadoorie Hill, is such a rarity,” said Daryl Ng, deputy chairman of Sino Land. “It is also is a neighbourhood with an extensive schools network.”
Ng did not disclose the amount of Sino’s investment.
With the site likely to yield a potential floor area of about 310,000 square feet, each flat could be as big as 1,700 sq ft.
Victor Lai Kin-fai, chief executive of consultancy Centaline Professionals, said the construction alone would cost about HK$2.1 billion, assuming HK$7,000 to HK$8,000 per square foot for a luxury residential project.