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12/20 News Roundup: HNA Won Another Kai Tak Site For New Record Price, Far East Office The Most Expensive in Hong Kong

Hong Kong Property | December 20, 2016

HNA Won Another Kai Tak Site For New Record Price
HNA Holding Group has outbid 20 rivals to win its second residential site in Kai Tak for a record HK$13,600 per square foot. HNA secured the parcel of land, known as Kai Tak Area 1L Site 3, with a bid of HK$5.41 billion, 23% higher than the market expectation of HK$4.38 billion, or HK$11,000 per square feet. It was HK$100 higher than the previous record set by HNA on November 2 when it bought an adjacent plot – Kai Tak Area 1K Site 3 – for HK$8.84 billion. The latest site occupies an area of 94,755 square feet and has a maximum gross floor area of 397,967 square feet.

Far East Office The Most Expensive in Hong Kong
A 1,308-square-foot middle-level unit in Far East Financial Centre set record for the highest cost per square feet of commercial unit in Hong Kong. The office was sold at HK$50 million or HK$38,226 per square feet for a local buyer. Early this month, a 1,378-square-foot unit on the same level was sold at HK$34,800 – yet this record was broken within half month. Analysts believed that since the supply of prime offices in Central and Admiralty is limited, the price might continue to go up.

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