Surveyors cut valuations of plot at Kai Tak to February levels as tender draws muted response
- The plot at the site of Hong Kong’s former airport received just seven bids on Friday
- Property surveyors have cut their valuations for the site by as much as a fifth
Surveyors have slashed their valuations for a plot of land on the site of Hong Kong’s former international airport as the tender for the development met with a lukewarm response.
The residential plot at Kai Tak received just seven bids on Friday, less than expected, indicating a much cooler appetite among developers than seen during previous tenders at the same site.
Several of the city’s property surveyors have reduced their estimates of how much the plot will ultimately fetch once the tender is decided.
Cheung Chor-yin, executive director of Citiland Surveyors, cut the valuation by a fifth from HK$10.92 billion (US$1.39 billion) to HK$8.62 billion, or about HK$19,000 to HK$15,000 per square foot.
That estimate would take the price back to a level seen in February when Henderson Land Development and Wheelock Properties bought plots at Kai Tak from HNA Group.
