news

Almost RM30b: Hong Kong's most expensive commercial plot goes on tender

HONG KONG (June 15): The last mega plot to go on sale in the prime Central harbourfront site – Hong Kong’s core business district – could be the most expensive in the city’s history, said property consultants quoted in South China Morning Post (SCMP).

According to a report by SCMP, the tender for the 516,316 sq ft commercial site, expected to yield a total gross floor area of 1.6 million sq ft, closes on Friday noon (June 18).

Vincent Cheung, the managing director of Vincorn Consulting and Appraisal, was quoted by SCMP as saying the site, which is next to the International Finance Centre (IFC) would fetch about HK$55 billion (about RM29.16 billion) or HK$34,000 (about RM18,000) psf at the top end of his valuation, which starts at HK$37 billion (about RM19.62 billion).

“Considering the plot’s strategic value, serious bidders will be submitting high prices as well as innovative designs, as it is the last commercial site along the waterfront in Central,” said Cheung, adding that it will likely set a record in Hong Kong's land sale history.

Director at Midland Surveyors Alvin Lam estimated the site could fetch as much as HK$48 billion (about RM25.45 billion), or HK$30,000 (about RM15,900) psf. 

Out of the 10 top developers in Hong Kong, only Henderson Land Development has said it would submit a tender while others declined to comment when contacted by SCMP. Henderson Land and Sun Hung Kai Properties were part of a consortium that developed the IFC.

Meanwhile, the current record for Hong Kong’s most expensive land is held by Sun Hung Kai Properties.

Back in Nov 2019, the city's largest developer by market value won a commercial land atop the West Kowloon high-speed railway terminus on Austin Road for a record HK$42.23 billion (about RM22.43 billion).

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. KL prime property remains attractive
  2. Hong Kong tycoon Richard Li selling data centre business for RM3.17b
  3. Hong Kong’s New World to demolish two towers of The Pavilia Farm after construction defects detected