Hongkong residential site estimated to fetch more than $1 billion

Following the $233 million deal for Falconridge plot in Hongkong, its time to keep fingers crossed for billion-dollar deals to witness ground-breaking records again. This year, a site on the Kowloon peninsula will be the third piece of land auctioned by the government and is estimated to fetch HK$8.41 billion ($1.08 billion). This residential plot has 16,151-square-meters (174,000 square feet) and building areas of 869,000 square feet. It is reported that the developer who buys the site will likely build between seven and 14 blocks of apartments with 25 to 31 stories each. The project will probably sell for about HK$15,000 a square foot when completed, which almost double Falconridge’s per square foot rate ($8,720). Time to bid adieu to recession woes and gear up for real (estate) boom time!

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