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Nan Fung Development has paid the highest ever land premium for a commercial development site in Hong Kong. It has acquired a commercial/hotel site in the Kai Tak Development Area for just over HKD 24.6 billion. In lump sum terms, that is 5.7% higher than the amount paid by Henderson Land for the Murray Road Carpark site in Central, which was sold just two weeks earlier. Market sources suggest Nan Fung plans to build a comprehensive development with office, retail and hotel elements, which it will hold for long term investment purposes. To meet the Conditions of Sale, the developer cannot stratify any future development on the site and must build a single storey underground shopping street connecting the site to the proposed Kai Tak MTR station.
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01 June 2017
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