Hung Hom Bailey Street Redevelopment Attracts at Least 7 Bids from Cheung Kong, K. Wah, China Overseas
The Urban Renewal Authority's Hung Hom Bailey Street/Zhejiang Street project received at least seven bids by the noon deadline. Bidders include Cheung Kong, K. Wah International, and China Overseas, along with at least four other consortia. The site is valued at HKD 4.42 billion to HKD 5.8 billion, implying a land premium of about HKD 6,000 to HKD 7,870 per square foot of gross floor area. K. Wah International submitted a sole bid priced according to the current market. Recent property transaction volume has been low due to summer holidays and the earlier World Cup.
- Effective
- 0
- Intensity
- 40
- Confidence
- 70%
- Horizon
- Short term