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September 17, 2019

K&K Property won Tuen Mun site

In August, K&K Property won the tender for a site in Tuen Mun for HK$244.19 million, or HK$6,499 per sq ft of floor space, 20% more than market expectations.
    Tuen Mun Town Lot No. 549, at the junction of King Sau Lane and King Fung Path, has an area of 1,057.8 sqm and is meant for private homes. The market valuation is between HK$170 million and HK$230 million. Some analysts had lowered the valuation by up to 14% due to local and external political uncertainties.
    Earlier, Hong Kong’s government sold a land parcel at the former Kai Tak airport. Located next to the proposed Kai Tak Sports Park, the plot sold for HK$2.45 billion (US$312 million), 9.4% less than the lower end of a HK$2.7 billion to HK$3.6 billion range given by valuers. Far East Consortium International won the tender, the Lands Department said.