Record: $5.4 billion for a piece of land in Hong Kong

Hong Kong has been the most expensive real estate city in the world for some time. A recent land tender had resulted in a new record price. The buyer has paid $5.4 billion for a piece of land in West Kowloon.

Hong Kong’s costliest land tender involved the sale of a plot of land at Austin Road atop the West Kowloon High-Speed Rail station. The plot has an area the size of 47 Olympic swimming pools and can be built into 3.17 million sq ft of gross floor area for retail, office or hotel use.

According to the South China Morning Post, the land goes to Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by value. The Austin road commercial plot is the biggest commercial parcel ever sold in the city.

Before the tender, the land was valued in the range of US$5.2 billion to US$10.1 billion or between US$1.66 to US$3.19 per square feet.

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