Hong Kong residential plot fetches US$230 million as Chinese developer outbids city rivals
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China Overseas Land & Investment, a mainland Chinese developer, won a bid for a residential plot in Kowloon East, Hong Kong, on Tuesday. The company secured the 3,132-square-metre site in Ngau Tau Kok with a HK$1.8 billion (US$230 million) bid, exceeding expectations and outbidding eight other developers. The 50-year land grant is expected to yield 470 flats. The location near the Kowloon Bay MTR station and Amoy Gardens was valued between HK$1.3 billion and HK$1.5 billion prior to the tender. Analysts suggest the higher-than-expected bid reflects strong market confidence in acquiring quality urban sites, with the developer likely focusing on small to medium-sized units.
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AI-ExtractedThe plot on Choi Ha Road was valued at between HK$1.3 billion and HK$1.5 billion, according to CBRE.
The site is expected to yield 470 flats.
China Overseas Land & Investment won a bid for a residential plot in Kowloon East for HK$1.8 billion (US$230 million).
The transaction price for the Choi Ha Road site was slightly higher than expected.
The nine bids reflected the market’s strong confidence in acquiring quality urban sites.
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