Hainan-based conglomerate, the HNA Group, has won its fourth Kai Tak development site at a price of HK$7.44 billion for 9,482 square meters, or HK$13,500 per square feet.
The group announced it will be combining all four sites it has bought into one development project – an integrated residential complex that will become “a new landmark.”
The price exceeded the upper limit of market estimates by 4 percent, going within the record high price range of the previous sites HNA has bought at Kai Tak.
The site’s 9,482 sq m will mean HNA planners are looking at a maximum floor area of 551,138 square feet. The conglomerate outbid 14 other developers including SAR heavyweights Sun Hung Kai Properties (0016), Cheung Kong Property (1113), K Wah International (0173) and Wheelock Properties and big mainland-linked players Logan Property (3380), Vanke Property (Hong Kong) and China Resources Land (1109).
The site was bought in the name of Hong Kong International Construction Investment Management Group (0687), one of HNA’s three listed subsidiaries in Hong Kong.
And with the acquisition of the fourth site the Chinese firm now has an SAR landbank of 37,000 square meters.