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NEW WORLD DEV Wins Cheung Sha Wan Commercial Land Site with $4.029B; $7,478/Sq.ft. Meets Estimates

The Lands Department announced that the tender for a site, New Kowloon Inland Lot No. 6582 at Lai Chi Kok Road near Cheung Shun Street, Cheung Sha Wan, Kowloon, has been awarded to the highest tenderer, Good Sense Development Limited (parent company: NEW WORLD DEV (00017.HK)  +0.010 (+0.103%)    Short selling $28.55M; Ratio 25.650%   ), on a 50-year land grant at a premium of $4.029 billion. Based on the maximum GFA 538,800 sq.ft., the accommodation value will be about $7,478 per sq.ft..

New Kowloon Inland Lot No. 6582 has a site area of about 44,900 sq.ft. and is designated for non-industrial (excluding residential, godown and petrol filling station) purposes. The maximum GFA will include the gross floor area of a child care centre and a neighbourhood elderly centre sub-base, and a public vehicle park to be constructed by the purchaser.

Centaline earlier expected the accommodation value to be about $7,500 per sq.ft., and the site premium to be about $4.04 billion. The transaction price of this site is in line with estimates.

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