The first seafront commercial plot of land on the runway of Hong Kong’s former airport, Kai Tak, has sold for a record HK$11.1 billion ($1.41 billion) to Goldin Financial Holdings, reported the city’s Lands Department.

Goldin Financial Holdings has plans to build high-end hotel and offices, and says its total investment could amount to HK$18 billion ($2.29 billion), reported South China Morning Post.