12 May '11, 2pm

HK luxury residential sites sparks bidding war among developers

HONG KONG: The public land auction was jam-packed, with three residential sites sparking a bidding war among developers. Putting up more sites for sale is part of the government's bid to boost land supply, to tame heated property prices. But the plots fetched prices that all fell within the higher end of market expectations, suggesting cooling measures have had limited affect so far. The star attraction was the former Lingnan College site on Hong Kong Island. The over 160,000 square-foot site on Stubbs Road attracted plenty of interest as it can be turned into luxury housing projects. After a rapid bidding session that only lasted 10 minutes, property giant Sun Hung Kai nabbed the sought-after site with a winning bid of US$576 million. The second site in Kowloon Tong was snapped up by China Overseas Land & Investment for US$74 million. Although it is on the smaller side at...

Full article: http://www.channelnewsasia.com/stories/economicnews/view/...

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