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Hongkong Island Construction Properties Company Limited (HIC), under mainland Chinese-back conglomerate HNA Group, paid HKD 8.8 billion to beat out bids from 19 other contenders for a residential development in Kai Tak. The record price was 88% above the higher end of market expectations.According to market sources, HIC will invest more than HKD 12 billion to develop around 900 flats on the site, with anticipated completed by 2021. Taking into account anticipated costs, these units are likely to be priced in excess of HKD 25,000 per sq. ft., an unprecedented amount for new developments in the district.
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03 November 2016
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