October 30, 2017 / 11:30 AM / 19 days ago

HK's Sun Hung Kai wins auction for Cheung Sha Wan hotel site

HONG KONG, Oct 30 (Reuters) - Hong Kong’s largest developer Sun Hung Kai Properties on Monday paid HK$5.06 billion ($649 million), well above market estimates, for a site designated for hotel use.

The real estate giant beat nine other companies, including other large developers like CK Asset Holdings Limited and Henderson Land Development Company Limited, to win the plot of land in the working-class Cheung Sha Wan district in Kowloon, the government said in a statement.

The price paid exceeded market estimates of between HK$2.43 billion and HK$3.7 billion for the plot in Cheung Sha Wan, which is regarded as a potential up-and-coming district.

Located near a subway station with an area of about 0.48 hectares and a maximum gross floor area of 34,770 square metres, the site offers a full sea view of west Victoria Harbour.

A plot of residential land nearby up for sale is expected to fetch over HK$10 billion, according to local media reports. The tender closing date for that site is set to be Nov. 10. ($1 = 7.7997 Hong Kong dollars) (Reporting by Venus Wu. Additional reporting by Joy Leung)

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