Sino-led consortium sweeps up Lohas Park site

Business | Lucas Lo Apr 26, 2019
<p>MTRC (0066) yesterday announced that a consortium of Sino Land (0083), K Wah International (0173) and China Merchants Land (0978) has won the bid for the Lohas Park phase 11 plot.</p><p>Eleven bids were submitted for the plot, which can accommodate up to 1,850 homes on 950,000 square feet of gross floor area and carries a land premium of up to HK$3.05 billion or HK$3,194 per sq ft, a record high.</p><p>Market estimates put the total tender value at between HK$5.2 billion and HK$8.6 billion.</p><p>Meanwhile, Sino Land and Chuang&#39;s Consortium International (0367) was given approval by the Buildings Department to build a 26-floor building on its Mong Kok Reclamation Street redevelopment project. Emperor International (0163) too was given approval to construct a 22-floor commercial and residential building with a total gross floor of about 21,900 square feet in Sheung Wan Street, Western District. Also, Lifestyle International (1212) was given approval to build three floors more on its Kai Tak Area 1E commercial site 2.</p><p>In new projects, New World Development (0017) and Henderson Land Development (0012) launched the first batch of 88 units in Timber House in Ho Man Tin with the average price of HK$24,308 per sq ft.</p><p>Henderson Land&#39;s Novum Point in North Point and Novum East in Quarry Bay will put a total of 60 units together on sale on Monday.</p><p>General manager of sales Thomas Lam Tat-man said that 30 units from Novum Point will have areas from 205 to 365 sq ft, priced from HK$6.07 million to HK$9.78 million.</p><p>At Henderson Land&#39;s project in Tai Kok Tsui Cetus. Square Mile, a two-bedroom flat with an area of 417 sq ft sold for HK$12.33 million, a record high.</p><p>In other news, a buyer walked away from a unit in Reach Summit in Yuen Long, co-developed by Henderson Land and New World Development, and it is expected that the deposit of around HK$290,000 will be forfeited.</p><p>Elsewhere, the presale consent for Lohas Park 7A Montara by Wheelock Properties has been granted and the company will upload the sales brochure as soon as possible. Managing director Ricky Wong said it will launch at least 124 units.</p>

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May 2019