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Hong Kong Lands Department sells development site for $493m

by Andrea Waitrovich

The Hong Kong Lands Department has sold a development site, Tuen Mun Town Lot No. 541, in Hong Kong for $493 million to Alliance Grace.

Alliance Grace Ltd.‘s parent company is Vanke Property Co. Ltd.

Tuen Mun Town Lot No. 541 has a site area of about 290,625 square feet and is designated for private residential purposes and a kindergarten. The minimum gross floor area and the maximum gross floor area are 508,874 square feet and 841,738 square feet, respectively.

The site attracted small as well as large developers. The bidders were Sun Hung Kai Properties; Cheung Kong Property Holdings; Henderson Land Development; Wheelock Properties; Paliburg Holdings and Regal International; Far East Consortium International; K&K Property; China Vanke;a consortium consisting of Sino Land, K. Wah International Holdings, Manhattan Garments (International) and Wing Tai Properties; and a joint venture of Emperor International and Grand Ming Group.

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