Sino Land-led group to pay record $2.21 bln for Hong Kong residential site

S E A Holdings

15/11/2017 11:43

HONG KONG, Nov 15 (Reuters) - A consortium led by Hong 
Kong's developer Sino Land Co Ltd  0083.HK  on Wednesday won a 
record HK$17.3 billion ($2.22 billion) tender for a residential 
site in Kowloon, beating other 10 bidders. 
    The consortium comprises Sino Land, Shimao Property Holdings 
Ltd  0813.HK , Wheelock Properties Ltd, K. Wah International 
Holdings Ltd  0173.HK  and S E A Holdings Limited  0251.HK , the 
government said in a statement. 
    The price tag is near the high end of estimates from four 
analysts ranging from HK$13.8 billion to HK$17.8 billion for the 
plot in Cheung Sha Wan in Kowloon. 
    The deal broke the previous record of a government land sale 
set in February when a residential site in Ap Lei Chau on 
southern part of Hong Kong was sold to two mainland Chinese 
developers for HK$16.9 billion.  urn:newsml:reuters.com:*:nL4N1G935L 
    "We plan to build a premium residential development to make 
the most of the panoramic harbour views, complete with green 
architectural features and smart home designs," Daryl Ng, Sino 
Group's deputy chairman, told Reuters in an email reply. 
    "We look forward to adding vibrancy to the well-established 
community," Ng added. He gave no further details. 
    The consortium beat 10 companies including top developers 
such as CK Asset Holdings Ltd  1113.HK , Sun Hung Kai Properties 
Ltd  0016.HK  and Henderson Land Development Co Ltd  0012.HK , 
and won the plot of land in Kowloon, the government said in a 
statement. 
    Located near a subway station with an area of about 19,348 
square metres and a maximum gross floor area of 91,770 square 
metres, the site offers a full sea view of the city's Victoria 
Harbour. 
 ($1 = 7.8056 Hong Kong dollars) 
 
 (Reporting by Twinnie Siu and Joy Leung; Editing by Hugh 
Lawson) 
 ((twinnie.siu@thomsonreuters.com; 852-2841 5763; Reuters 
Messaging: twinnie.siu.thomsonreuters.com@reuters.net)) 
 
Keywords: HONG KONG LANDSALE/