Prime Land Plot Acquisition on the Expensive Side, Despite a Strong Hong Kong Office Market
Henderson Land Development has won the tender for the Murray Road parking garage in Central Hong Kong. This is the first government site in Central for sale in 20 years. The winning bid was HKD 23.3 billion for the site, with a maximum gross floor area of 465,000 square feet, higher than the market expectation of HKD 20 billion. The acquisition price seems expensive, but may be supported by the recently achieved office rent seen in the Central district. However, the redevelopment project is not ...Henderson Land Development is an investment holding company, engaged in property development and investment in Hong Kong and mainland China, hotel operation, project and property management, construction and provision of finance. Co.'s segments include Property development, property leasing, construction, infrastructure, hotel operation, department store operation, utility and energy, and others. Co.'s others segment is involved in the provision of finance, investment holding, project management, property management, agency services, cleaning and security guard services, as well as the trading of building materials and disposal of leasehold land.
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