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Sino Land-led consortium snaps up Ma Tau Wai site despite worries about Hong Kong’s sluggish economy and weak property market

  • The Sino Land-led consortium won the tender with a winning bid of US$272 million
  • Out of the 10 projects launched by the government, MTR Corp and the URA this year, only four drew sufficient bids for the tender process to continue

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The Shing Tak Street/ Ma Tau Chung Road Development Project (CBS-1: KC). The Urban Renewal Authority (URA) launched pilot projects in Kowloon City to redevelop buildings under the Civil Servants’ Co-operative Building Society Scheme. Photo: Winson Wong
Daniel Renin Shanghai
A Sino Land-led consortium won the right to develop a plot in Hong Kong’s Shing Tak Street from the Urban Renewal Authority (URA), after its bid displayed confidence in a location that is highly sought after by other developers.
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The company, along with China Merchants Land and Great Eagle Holdings, beat five other developers with a winning bid of HK$1.93 billion (US$272 million) for the site, which will yield 414,900 sq ft of space, including 345,500 sq ft of residential floor area, according to announcements by Sino Land and the URA on Thursday.

“This prime residential site is in a sought-after location with an excellent school network in central Kowloon that is near Sung Wong Toi and To Kwa Wan stations,” Daryl Ng, deputy chairman of Sino Land, said in a statement. “It is an excellent addition to our land bank.”

The developer added that the purchase of the plot in Ma Tau Wai is part of its efforts to support the Energising Kowloon East initiative, which is designed to transform the former Kai Tak airport and adjoining areas of Kwun Tong and Kowloon Bay into Hong Kong’s second central business district.

The Shing Tak Street/ Ma Tau Chung Road Development Project (CBS-1: KC). Hong Kong saw a record six failed land tenders this year as high interest rates, a sluggish economy and complex development requirements diminished ­developers’ appetite for new plots. Photo: Winson Wong
The Shing Tak Street/ Ma Tau Chung Road Development Project (CBS-1: KC). Hong Kong saw a record six failed land tenders this year as high interest rates, a sluggish economy and complex development requirements diminished ­developers’ appetite for new plots. Photo: Winson Wong

Other developers who bid for the site were Sun Hung Kai Properties, Wheelock Properties, New World Development, K Wah International and CK Asset Holdings, according to a statement by the URA.

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“We are committed to Hong Kong and China, and are full of confidence for the Hong Kong and China economies,” Ng said in the statement. “It is an excellent addition to our land bank.”

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