Sino Land (0083) launched yesterday the presale of a joint venture residential project in Kwun Tong with Chinese Estates Holdings (0127) and the Urban Renewal Authority.
The first batch of 205 apartments at the Grand Central project at 33 Hip Wo Street in Kwun Tong is priced at an average of HK$21,871 per square foot.
The first batch of flats comprises one-bedroom to three-bedroom apartments, with sizes from 452 sq ft to 862 sq ft priced from HK$9.22 million to HK$20 million.
Construction of the project, which will provide 1,025 flats in two towers, is expected to be completed in April 2021. Buyers can choose from one-bedroom to four-bedroom flats from 452 sq ft to 1,543 sq ft.
Meanwhile, Sino Land won the government tender of a 29,000-sq-ft residential site on South Lantau Road on Lantau Island for about HK$204 million, or HK$17,600 per sq ft in gross floor area terms.
Sino outbid 11 other developers for the plot of land in Cheung Sha, which can be used for a residential project with a maximum gross floor area of 11,582 sq ft, according to the Lands Department.
Sino said it plans to build a two-story residential project that faces south and which will employ a green architectural design.
Deputy Sino Land chairman Daryl Ng described the site is one of the most picturesque locations in South Lantau with the beautiful Cheung Sha Beach right on its doorstep. "It is an excellent addition to our land bank," he said.
CSI Properties (0497), Chevalier International (0025) and K Wah Properties were among the losing bidders for the site.
Other bidders included All Brilliant Inc, Hanforth, Dynamic Triumph, Li Wo Properties Investments Company, Long Think, The Development Studio, Treasure Dynasty Investments and Asia Standard International Group.
As of June 30 this year, Sino Land had a land bank of 21.9 million sq ft in Hong Kong, China, Singapore and Sydney. Its holdings include 9.3 million sq ft of properties under development.
It also holds 11.8 million sq ft of investment properties and hotels, and 800,000 sq ft of properties for sale.