China Overseas Land & Investment makes $551m investment for Kai Tak residential project

China Overseas Land & Investment, the mainland’s seventh largest developer by sales, bid HK$4.27 billion ($550.8 million) for the Area 4E Site 1, measuring 59,719 square feet, in Kai Tak, reported South China Morning Post.

“The winning bid was higher than expected, which shows that some developers still have confidence in the residential market outlook, especially the future development of Kai Tak district,” said Thomas Lam, executive director at Knight Frank, in the article.

It is the developer’s third wholly owned site and it has stakes in four other sites in Kai Tak.

China Overseas Land said in a statement after winning the bid that it was optimistic about Hong Kong’s development and it planned to build a luxury residential project on the site at a total cost of about HK$6.5 billion ($840 million).