The third-largest residential plot on the runway of the former Kai Tak airport, as of May 3rd, 2019. Area 4C site 2 is in the background. Photo: SCMP / Winson Wong

Kai Tak’s third-largest oceanfront plot sells for a district record HK$12.6 billion as developers snap up land in Hong Kong’s property bull run

  • A consortium of six developers agreed to pay a record HK$12.6 billion for the third-largest plot of residential land on the former Kai Tak airport’s runway
  • The land cost implies that a flat built on the site will need to sell for at least HK$30,000 per square foot, after including the construction cost and a 20 per cent profit margin for the developer
Topic |   Hong Kong property

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The third-largest residential plot on the runway of the former Kai Tak airport, as of May 3rd, 2019. Area 4C site 2 is in the background. Photo: SCMP / Winson Wong
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A drone’s aerial view of the former Kai Tak airport in Kowloon as of 31 January 2019, jutting out into Victoria Harbour, with Hong Kong Island in the background. Photo: SCMP / Martin Chan

Developers rush to bid for Kai Tak’s latest residential land plot as bull market returns to Hong Kong’s real estate

  • Developers submitted seven bids fore Kai Tak’s Area 4C Site 2, which is valued at HK$11.5 billion, or a record-setting HK$18,000 per square foot
  • To underscore the return of homebuyers, a total of 1,100 flats will be offered for sale on Saturday, in the biggest weekend launch in six years, as developed rush to meet buyers’ pent-up demand
Topic |   Hong Kong property

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A drone’s aerial view of the former Kai Tak airport in Kowloon as of 31 January 2019, jutting out into Victoria Harbour, with Hong Kong Island in the background. Photo: SCMP / Martin Chan
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