Wheelock Properties wins Kwu Tung residential land tender with US$540 million bid
- The plot in the northern New Territories can yield a gross floor area of 492,390 sq feet
- At HK$8,499 per square foot, Wheelock paid 18.3 per cent more than Sun Hung Kai Properties did for an adjacent plot in April
A residential site in one of the least developed areas of Hong Kong was sold for higher than market expectations to Wheelock Properties on Wednesday.
Wheelock won the parcel in Kwu Tung in the northern New Territories for HK$4.19 billion (US$540 million), some 7.4 per cent more than the top end of market expectations.
Located next to a plot won by Sun Hung Kai Properties in April, it is the third parcel of land to be offered for government tender in Kwu Tung in as many months.
The plot, called Area 24, can yield a gross floor area of 492,390 sq feet and was sold for HK$8,499 per square foot. This was 18.3 per cent higher than the HK$7,184 per sq ft Sun Hung Kai Properties paid for the adjacent plot, Area 25, in April.
“The winning bid was higher than market expectations, and the past few plots have all been sold at very satisfactory prices, reflecting that developers are very confident in the future of the area,” said Thomas Lam, executive director of Knight Frank.
