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Wheelock Properties Limited outbid 11 other contenders to win the land sale tender for a residential development site in Kwun Tong for a total consideration of just under HKD 6.4 billion. The A.V. was 7% above the higher end of market expectations. As the first land sale tender following the government's announcement of a flat 15% stamp duty rate, the tender reflects developers' unwavering conviction in the market outlook over the medium-term. The site offers a rare large-scale development opportunity, with 60-70% of future units potentially overlooking the harbour.
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17 November 2016
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