Sun Hung buys site for $2.6b project in Hong Kong
Sun Hung Kai Properties has won the right to develop a large property project at Yuen Long station in Hong Kong with a record bid — HK$9.32 billion, or HK$22,144 per square foot ($1.2 billion/$2,856 per square foot). The seller was the Hong Kong Lands Department.
Sun Hung Kai Properties will be developing a $2.58 billion mixed-use project, which is expected to be completed in 2022.
The development site would comprise 1.36 million square feet of residential area and 124,000 square feet of commercial space. The project will provide at least 1,876 apartment units.
Sun Hung Kai Properties has been actively buying up development sites in Hong Kong. The firm purchased Tai Po Town Lot No. 225 for $448.7 million in March and Tuen Mun Town Lot No. 539 for $170.1 million.