CK Asset Grabs Final Kai Tak Residential Site
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2021-02-17 HKT 19:12
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CK Asset has outbid other major developers to win the last residential plot in the old Kai Tak airport runway area for nearly HK$10.3 billion.
The price was near the top end of analysts’ estimates.
The parcel at Kai Tak Area 4E Site 2 had attracted four other bids – from Sun Hung Kai Properties, Sino Land, K. Wah, and a joint bid by Wheelock Properties and Hysan Development.
The plot is located next to the future 24-hectare Metro Park. It has a maximum gross floor area of 6.5 million square metres.
CK Asset, part of tycoon Li Ka-shing's business empire, says it plans to build luxury flats there.
The firm also says it's confident about Hong Kong's future.
Analysts forecast that homes built at the site could be sold at HK$28,000 per square foot.
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