Sunday, June 26, 2022
Martin Hennecke

Second-highest harborfront bid 27pc lower than Henderson's
<p>The second-highest bid for the New Central Harbourfront site was only HK$37.1 billion, 27 percent lower than Henderson Land Development&#39;s (0012) offer of HK$50.8 billion, the Development Bureau revealed yesterday.</p><p>The combined score of the lost tender was 84.86, the bureau said, adding that Henderson, the successful tenderer, settled the full premium in early December and the tender process has been completed.</p><p>All the six tenders the government received passed the requirements for non-premium proposals. However, the premium offers of four of the tenders were lower than the reserved price and as such failed to meet the requirement for the premium aspect. In other words, only two - including Henderson&#39;s - were regarded as conforming tenders fulfilling both the premium and non-premium requirements, the bureau said.</p><p>The total investment for the 516,300-square-foot site at Man Yiu Street is HK$63 billion, the biggest outlay ever for a project in Hong Kong, according to Henderson.</p><p>Meanwhile, Henderson&#39;s new project Caine Hill in Sheung Wan is expected to unveil the first price list today, offering at least 50 units, and sales could be kick off before Christmas.</p><p>In the primary residential market, a new project at 63 Soy Street in Mongkok, which will offer 120 flats, is expected to launch sales this month. Named Soyo, the tower will offer studio units ranging from 152 sq ft to 228 sq ft.</p><p>In Lam Tin, a new round of sales at Koko Hills involving 101 homes - 85 in a price list and 16 via tenders - will be launched on Saturday, the developer Wheelock Properties said. The units, ranging from 366 sq ft to 770 sq ft, are priced at HK$21,315 per sq ft on average after discounts and the whole batch is worth HK$1.01 billion.</p><p>Separately, the disbanded Hong Kong Professional Teachers&#39; Union sold its interests - shops and units - in Wing Tak Mansion in Causeway Bay for HK$160 million last month.</p><p>The union purchased the property in the 90s for HK$22.98 million and earned a paper gain of HK$137 million after the transaction.</p><p>It has sold all the properties it owned since the official disbandment in September for a total of HK$430 million.</p>

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