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Transactions - JUNE 2, 2017

Nan Fung Development pays $3.16b for land site in Hong Kong

by Andrea Waitrovich

The Lands Department awarded the office-retail-hotel site named Area 1F Site 2 in Hong Kong to Rich Union Development, a wholly-owned subsidiary of Nan Fung Development, for $3.16 billion.

The commercial site is in the Kai Tak area and was formerly the location of Hong Kong’s international airport. The site, designated for office, retail or hotel development, will yield a total gross floor area of 1.91 million square feet. Site provisions that include a 656-foot tall tower, will make it the tallest building in Kai Tak, according to South Morning China Post.

The auction result exceeded the HK$23.28 billion ($2.9 billion) that Henderson Land Development — controlled by one of Hong Kong’s wealthiest families under patriarch Lee Shau-kee — paid for the Murray Road car park site in Central on May 16.

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