A consortium comprising two mainland state-owned enterprises – China Resources Land and Poly Property – has been awarded the tender for Kai Tak Area 4C Site 1 in Kowloon for HK$12.92 billion, or HK$18,080 per square foot.
The consortium, Fame Well Creation, outbid five other tenders from developers that included Sun Hung Kai Properties, CK Asset and Kerry Properties, as well as joint investments by K Wah International with Sino Land, and a consortium of China Overseas Land and Investment with Wheelock and Co.
This is China Resources’ first attempt in Kai Tak and is Poly’s second project. Poly’s first project at Kai Tak, Vibe Centro, recorded two forfeited deposits of HK$475,800 and HK$340,000 on Tuesday.
The site, known as New Kowloon Inland Lot No 6553, has an area of 102,053 sq ft and is designated for non-industrial purposes. The minimum gross floor area is 428,633 sq ft and the maximum gross floor area that may be attained is 714,374 sq ft.