CK Asset pays $1b for second Hong Kong residential site

CK Asset Holdings has paid $1 billion for a residential development site in Hong Kong’s Kai Tak area, according to a Wednesday announcement.

New Kowloon Inland Lot No. 6649 has a site area of about 19,919 square meters (214,406 square feet) and is designated for non-industrial (excluding  warehouse, hotel and gas  station) purposes. The minimum gross floor area and the maximum gross floor area are 79,039  square meters (850,768  square feet) and 131,732 square meters (1.41 million square feet), respectively. Both exclude the gross floor area of Government Accommodation, being two sets of residential care home for the elderly cum day care units, a parents/relatives resource center and a residential childcare center, to be constructed by the purchaser under the conditions of sale.