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Sun Hung Kai Properties has set another record price for a residential development site sold via government land sale. It beat off competition from four other contenders, mostly local heavyweight developers, to win the site in the north of the Kai Tak Development Area, which was awarded for HKD 25.2 billion. The eye-popping price may relate to its approximately 250,000 sq. ft. retail portion and its direct access to the Kai Tak MTR station.
Market sources suggest SHKP will build high-end residential units on the site, along with retail offerings. The conditions of sale require it to include residential care facilities for the elderly within the development.
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16 May 2018
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