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Government Land Sale: Cheung Sha Wan (NKIL 6572)

New World Development outbid eight other contenders to win the land sale tender for a business development site in Cheung Sha Wan for just under HKD 2,97 billion.

Market sources suggest the developer will construct a Grade A office building on the site, focused on science and technology industries.

If New World holds the site long-term, it could become the dominant office landlord in the area, with its three commercial sites accounting for about 61% of the total Grade A stock in Cheung Sha Wan by the end of 2023.

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