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The last land sale tender of 2016 has been awarded to local developer K. Wah International for just under HKD 5.9 billion. Although the A.V. of HKD 10,300 per square foot was above the higher end of market expectations, it is 25% less than the amount paid by Sky Hero Developments Limited for a nearby residential site. The more conservative bids can, in part, be attributed to the site's restricted sea views.Market sources suggest K. Wah intends to build around 850 flats on the site, anticipated for completion before 2022.
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30 December 2016
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