CK Asset, Wheelock, Sun Hung Kai Properties among six bidders for massive Causeway Bay commercial site
- The 286,140 sq ft site on Caroline Hill Road can yield a gross floor area of around 1.1 million sq ft
- It is the first plot in Causeway Bay to be offered for tender by the government since 1997
A large commercial plot in Causeway Bay, the first to be offered by the government in the area in 24 years, attracted six bids on Friday.
Bids for the 286,140 sq ft site on Caroline Hill Road have been placed by a partnership between Hysan Development, the largest landlord in Causeway Bay and Chinachem Group, while Sino Land is bidding as part of a consortium that includes Lifestyle International Holdings, Kerry Properties and CC Land Holdings.
Offers have also come from Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by value; CK Asset Holdings, Hong Kong’s second-biggest developer; Wheelock Properties; and Link Reit, Asia’s largest real estate investment trust.
“A plot of this size is rare in the area,” said Thomas Lam, executive director and head of valuation and advisory at Knight Frank, who estimates it to fetch around HK$17 billion. An earlier estimate in 2019 valued the plot between HK$24.7 billion and HK$27.9 billion.
He estimates a total investment of HK$24 billion to HK$26 billion for the site suitable for an office-cum-retail development.
