Transactions - JUNE 22, 2015

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Hong Kong lots sell for $638m

by Andrea Waitrovich

The Hong Kong Lands Department has sold two residential sites for $638.2 million.

Tuen Mun Town Lot No. 500 was purchased by Fortune Choice Development Ltd on a 50-year land grant at a premium of $468.1 million. Fortune Choice's parent company is Henderson Land Development. The site, at Kwun Chui Road in Tuen Mun, has an area of about 261,951 square feet and is designated for private residential purposes with a gross floor area between 471,200 square feet and 785,335 square feet.

The other site, Tuen Mun Town Lot No. 539, was acquired by Sun Hung Kai for $170 million. Tuen Mun Town Lot No. 539 has a site area of about 52,000 square feet and is designated for non-industrial (excluding godown, hotel and gas station) purposes.

In May, the Hong Kong Lands Department sold New Kowloon Inland Lot No. 6313 for $392.1 million to joint venture partners Billion Development and Project Management, Sino Land Co., and CSI Properties.

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