‘Out of touch’ Hong Kong withdraws Kai Tak commercial plot from sale following tepid bids by developers amid economic contraction in city
South China Morning Post
Excerpt
May 13, 2020
Ming Pao graphic
The Hong Kong government on Wednesday withdrew a commercial plot for sale at the site of the city’s former airport at Kai Tak following a tepid response from bidders, as the city’s worst economic contraction in decades amid the coronavirus pandemic deters developers from long-term investments.
The plot, which can yield 1.16 million square feet (107,767 square metres) in gross floor area, failed to sell because property developers’ bids “failed to meet the government’s reserve price”, according to a statement by the Lands Department. It is the second-largest commercial parcel of land in Kai Tak.
Kai Tak Area 2A Site 4, Site 5(B) and Site 10 is located near the proposed Sung Wong Toi MTR station and the Kai Tak Sports Park. Valuers had cut their estimate for the plot by as much as 20 per cent, to a range between HK$6.38 billion (US$823.2 million) and HK$10.44 billion. The Lands Department’s reserve price was “out of touch” with the wider market, one of them said on Wednesday.
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