Two Kai Tak sites sold for $4.54 billion

June 05, 2013

The Lands Department today awarded tenders for two residential sites in Kai Tak, under the 'Hong Kong Property for Hong Kong People' measure, on 50-year land grants at a total premium of $4.54 billion. 
 
The sites were awarded to the highest tenderer, Ace Dragon Development Limited (parent company: China Overseas & Investment Limited), at $2.27 billion for each lot.
 
A total of 16 tenders were received for the first site, New Kowloon Inland Lot No. 6516, which has a site area of about 7,771 square metres and is designated for non-industrial purposes. At least 545 residential units must be built.
 
The second site, New Kowloon Inland Lot No. 6517, attracted 13 tenders in total and has a site area of about 8,585 square metres. It is also designated for non-industrial purposes, and at least 600 residential units must be built.