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).

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