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The tender for a business development site in Wong Chuk Hang has been awarded to a 60:40 joint venture between Sino Land and Empire Group Holdings for HKD 2.53 billion, around 11% higher than the upper end of market expectations. According to the Conditions of Sale, at least 29,866 sq ft of the net operational floor area of the building must be allocated for use as a government arts and cultural centre and related offices. Netting out the government accommodation, the estimated A.V. for the site was HKD 10,313 per sq ft – the second highest amount paid for a commercial development site in the city.
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13 October 2016
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