Non-traditional Hong Kong bidder tops property giants in Tung Chung HK$1.6b land auction

Hong Kong construction and engineering company Able Engineering has secured a residential site in Tung Chung for a higher-than-expected HK$1.627 billion (US$207 million) premium, outbidding five groups of major developers in the city.Able Best, a construction and private development unit of Able Engineering, secured a 50-year land grant for the 152,332 sq ft plot, according to a statement from the Lands Department on Tuesday.The winning bid topped analysts’ estimates, which ranged between HK$960 million and HK$1.5 billion. The parcel is expected to yield a gross floor area of as much as 533,172 sq ft and is estimated to accommodate 990 residential units.