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Lifestyle International, the operator of SOGO department stores in Hong Kong, has been awarded the land sale tender for the first commercial development site in the Kai Tak Development Area. The total consideration of just under HKD 7.4 billion is the highest land premium ever paid for a commercial development site and sets a new record high for land prices in Kowloon East. This is the first time Lifestyle International has been awarded a commercial development site in Hong Kong, and reports suggests it intends to open a SOGO department store on the site, with two towers accommodating commercial, entertainment and restaurant elements.
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24 November 2016
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