5 November 2014 - Billion Group outbid 14 developers including Cheung Kong Holdings (0001) and Sino Land (0083) to win the last Pak Shek Kok seaview residential site for HK$2.54 billion. The offer is higher than forecasted market estimates.
A tender for the site, which is located in the Tai Po area, failed in March this year despite seven bids having been received. Situated along Fo Chun Road in Tai Po, the 204,516-square-foot site yields 715,806 sq. ft. of gross floor area. The scheme will provide low- to mid-density apartments sized more than 1,000 sq. ft. as well as several houses.
The price is equivalent to HK$3,552 per sq. ft., 7.6% higher than the adjacent plot obtained by Great Eagle Holdings (0041) in May this year.
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