Cheung Kong successfully bid for land again. The URA announced yesterday that Cheung Kong won the “four-in-one” redevelopment project of Hung Fook Street, Kai Ming Street and Wing Kwong Street in To Kwa Wan with a total gross floor area of about 526,812 square feet. About 11,382 yuan.
Looking through the information, Cheung Kong has already bid for 2 pieces of official land since last year. Together with this To Kwa Wan project, the cost of the land price alone has reached nearly 17 billion yuan. The industry expects that the To Kwa Wan project will be dominated by small and medium-sized units, and the price per square foot after completion will be around HK$23,000 to HK$26,000.
The URA announced the merger of four To Kwa Wan sites in November last year, and then launched a tender. Seven tenders were intercepted earlier. The URA announced yesterday that Cheung Kong Group won the bid with a price of 5.996 billion yuan, and the land price per square foot is about 11,382 yuan. The previous market valuation ranged from about 6.3 billion to 7.3 billion yuan, so the winning bid price this time was slightly lower than the market valuation.
Wu Jiaqing: Project returns are expected to be ideal
Wu Jiaqing, executive director of Cheung Kong, said that the group was delighted to have won the bid and expected the project to bring good returns. It is also described that the project is located in the To Kwa Wan community, which is a rare urban development project, which can generate synergies with the adjacent URA redevelopment project.
