Hen­der­son Land wins HK site for HK$23.3b

New Straits Times - - Business World -

HONG KONG: Hen­der­son Land De­vel­op­ment Co out­bid eight other de­vel­op­ers to win a rare site in Hong Kong’s cen­tral district for a record HK$23.3 bil­lion (RM12.9 bil­lion). It was the first com­mer­cial plot sold by the govern­ment in more than two decades.

Hen­der­son Land out­bid lo­cal ri­vals in­clud­ing units of Che­ung Kong Property Hold­ings Ltd and Wharf Hold­ings Ltd, ac­cord­ing to a state­ment on the Land De­part­ment’s web­site yes­ter­day. The site mea­sures about 2,880 sq m and is des­ig­nated for non­in­dus­trial use with a min­i­mum gross floor area of 25,920 sq m.

The record price for the site, cur­rently used as a car park, un­der­scores strong de­mand for of­fice spa­ces in Hong Kong’s cen­tral area, where sup­ply is scarce.

Since MTR Corp sold a wa­ter­front site to build the city’s land­mark In­ter­na­tional Fi­nance Cen­tre in 1996, no new sup­ply has come on stream. The area’s va­cancy rate was only about 1.5 per­cent in the first quar­ter, said CBRE Group Inc.

Hen­der­son Land will de­velop an of­fice build­ing on the site with some re­tail fa­cil­i­ties, an en­deav­our it ex­pects to com­plete by 2022, the firm said. Bloomberg

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.