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Hong Kong’s Sino Land and Great Eagle secure Kowloon site for US$206 million
Acquisition of 41,226 sq ft plot – which could yield 570 homes – reflects confidence in the property market’s recovery as sales rebound
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A joint venture between Sino Land and Great Eagle Holdings has won a government residential site tender in Kowloon for HK$1.61 billion (US$206 million), outbidding major Hong Kong developers as the city’s housing market shows signs of stabilising.
The purchase of the 41,226 sq ft site, which could yield 570 units, underscored the company’s confidence in the long-term development prospects of Hong Kong, according to Sino Land. Sino Land owns 85 per cent of the joint venture, while Great Eagle owns 15 per cent.
“With the support of the central government and the favourable policies of the Hong Kong government, the city’s economy is showing strong signs of an all-round recovery,” said Daryl Ng Win-kong, chairman of Sino Land. “The group maintains strong confidence in Hong Kong’s long-term prospects.”
The Lands Department said eight bids were received before the deadline on Friday. Bidders included CK Asset Holdings, Henderson Land Development, K Wah International and Kerry Properties. The winning developer is also required to build facilities for people with intellectual disabilities.
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