Hong Kong development site on the market for $12b

A prime commercial site on top of Hong Kong’s high-speed rail terminus will be sold to developers in the first half of the year, reported South China Morning Post.

The 5.88-hectare (14.5-acre) site at West Kowloon station was one of 22 residential and commercial lots on this year’s official land-sale list.

Announcing the land sales program for 2019-2020, Secretary for Development Michael Wong Wai-lun said the government intended to sell the huge West Kowloon site as a whole, instead of carving it up for separate sales, as some market watchers had been speculating.

Thomas Lam, executive director of Knight Frank in Hong Kong, estimated the site could fetch HK$95 billion ($12 billion) to HK$110.8 billion ($14 billion).