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Mainland Chinese developers continue their winning streak in the Hong Kong land sales market, snatching the second residential development site sold in 2017. A joint-venture (JV) between Logan Property Holdings and KWG Property Holding won the land sale tender with a bid of just under HKD 16.9 billion. The A.V. of HKD 22,118 per square foot is 47% above the higher end of market expectations, and double the amount paid for a nearby site five years ago.
Market sources suggests the JV will build luxury residential houses along the foreshore and four to six apartment blocks at the back of the site on or before 2023. Pricing for the future units is likely to be above HKD 38,000 per square foot.
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27 February 2017
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