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Wheelock Wins Runway Kai Tak Site

THE TENDER FOR A KAI TAK RESIDENTIAL SITE HAS BEEN AWARDED ON A 50-YEAR LAND GRANT AT A PREMIUM OF $9.893 BILLION, THE LANDS DEPARTMENT ANNOUNCED TODAY. The site at Kai Tak Area 4B Site 1, New Kowloon Inland Lot No. 6576, was awarded to a syndicate formed by Wheelock Properties, Henderson Land, China Overseas Land & Investment and New World Development. With a site area of 9,583 sq m, the lot is designated for private residential purposes. The minimum and maximum gross floor areas are 40,249 sq m and 67,081 sq m. The Lands Department received a total of six bids. Besides Wheelock, other bidders included CK Assets (1113), Sun Hung Kai Properties (0016), Chinachem and K&K Property. The consortium said most of the units can have sea views of the core business district of CBD2 in Kowloon East. The site is rare and high quality with great development potential. MTR Corp (0066) has opened a tender for Phase 11 of Lohas Park with a record-high accommodation value of HK$3,194 per square foot. The project is above the shopping mall of Lohas Park, providing no more than 1,850 residential units with an average area of about 517 square feet per unit. The project is expected to be completed in 2025. Centra Horizon in Tai Po, developed by Billion Development and Project Management, uploaded its sales brochure offering a total of 1,408 units. The company said it will plan to launch the project in April.