Choice Kai Tak commercial site goes to Goldin

Top News | Gary Poon and Kevin Xu May 16, 2019
<p>A commercial site at Kai Tak has gone to mainland company Goldin for HK$11.1 billion, or more than HK$12,800 per square foot. That was at the upper end of the estimated price.</p><p>Goldin executives such as chairman Pan Sutong were said to be delighted to acquire the 10,692-square-meter plot, which should be good for up to 80,190 square meters of floor space.</p><p>The site is rated as potentially very exclusive as it is the only commercial plot at the Kai Tak site with a full view of Victoria Harbour. So it is expected a hotel and an office block will be among features.</p><p>The developments are expected to require an investment between HK$16 billion and HK$18 billion.</p><p>Valuations earlier were that the selling price of the plot would be between HK$8.2 billion and HK$11.2 billion.</p><p>Wong Kim-bon, the executive director of valuation and advisory services at Cushman &amp; Wakefield, believed some international corporations will choose to rent space for their headquarters in the area, especially with the attraction of it being close to the MTR&#39;s Shatin to Central Line now being built and to Kai Tak Sports Park.</p><p>Other bidders for the site included CK Asset, Sun Hung Kai Properties, Great Eagle Holdings, Wheelock Properties and Sino Land.</p><p>Goldin also acquired an adjacent site 4 for HK$8.91 billion in November.</p><p>But none of nine tenders managed to win another nearby Kai Tak commercial plot in January as the government&#39;s reserve price was not met.</p><p>That will be put on sale again this year.</p><p>Goldin is the parent company of the listed Goldin Financial Holdings, with its core businesses including financial services, consumer electronics, wine, lifestyle and properties.</p><p>The group also has Goldin Financial Global Center in Kowloon Bay, a project in Sheung Shing Street Ho Man Tin and a project atop the MTR station in Ho Man Tin.</p><p>Last week, a Kai Tak residential site went for HK$12.5 billion to a joint venture led by Wheelock Properties.</p><p>Meanwhile, CK Asset has been given the green light to raise the plot ratio on a commercial site at Hok Yuen Street in Hung Hom.</p><p>The developer now plans a 38-floor commercial building with four basement levels and a platform.</p><p>The Town Planning Board has not objected to CK Asset&#39;s plans and it is expected to be approved at its meeting on Friday.</p>

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May 2019