Hong Kong’s Sino Land and Great Eagle secure Kowloon site for US$206 million

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.

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.

In August last year, Sino Land won a residential site tender in Tuen Mun for HK$1.09 billion, beating major Hong Kong and mainland Chinese developers – including CK Asset, Kerry Properties and China Overseas Land & Investment.

Sino Land said it remained committed to pursuing development opportunities to strengthen its land bank and to deliver high-quality projects that provide sustainable long-term value to shareholders and stakeholders.