Cheung Kong's nearly 5 billion won the bid for the first Anderson Road developer with a bid of only 700 million

Financial News

Written by: Xu Shihao

2020-06-19 19:46

The Lands Department announced earlier that the first site of Anderson Road in Kwun Tong was bought by Cheung Kong Group (1113) for 4.951 billion yuan, with a floor price of 4,550 yuan per square foot, which is close to the lower market valuation limit. The authorities announced today (19th) other bids, the lowest of which is only 700 million yuan, which is more than 4.2 billion yuan away from the price of Cheung Kong's winning bid; the second highest bid amount is 4.5 billion yuan, a difference of 451 million yuan.

The developer must sell the first unit at 20% off the market price

The site area is about 217,000 square feet, and the highest buildable residential floor is about 1.09 million square feet. The winning developer must sell the first unit selected by the government at a 20% discount to the market price, and the qualification of the object of sale is determined by the government. According to the terms of the land sale, the unit area that the developer has to build on the residential site ranges from 23 to 46 square meters, or about 250 to 500 square feet, of which 20% must be open-plan units and 25% one-bedroom units. The remaining 55% are two-bedroom units.

After the developer obtains the project occupancy permit, the government will draw a lot of 1,000 units from it as the first unit, including 200 open-plan units, 250 one-bedroom units, and 550 two-bedroom units. A total of 9 bids were recorded at the closing of the plot on the 15th of last month. The developers that the reporter saw on the day included Jiahua (173), Xinzhi (083), China Overseas (688), Huamao and Jiaming (1271), and Hengdi (012), Far East Development (035) and Imperial Group entered the joint venture.

Lands Department of the first residential land interception on Anderson Road, Kwun Tong: 9 bids received

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