Six-Enterprise Consortium Wins HK$1 Billion Northern Metropolis Tender
Thestandard · 1 SOURCESabout 2 hours ago2 MIN
Summary
A consortium containing six enterprises, including China Overseas Land & Investment (0688) and Sino Land (0083), has been awarded the Hung Shui Kiu pilot area in the Northern Metropolis for HK$1.03 billion . The development, the first pilot area under large-scale land disposal in the Northern Metropolis, consists of three private housing sites and three enterprise and technology park sites, covering approximately 10.5 hectares . Development Secretary Bernadette Linn Hon-ho said the consortium unites experienced local real estate giants with established leaders from other sectors, demonstrating successful collaboration across different business sectors .
Key Points
- The consortium, HSK New Development Limited, includes China Overseas Land & Investment, China Merchants Land (0978), China Resources Land (Overseas), CTG Investment Management Corporation, JD.com (9618), and Sino Land
- The tender adopted the "two-envelope" approach with 70 percent weighting on the non-premium proposal for industry development and 30 percent on land premium
- Henderson Land Development (0012) was the only other bidder and scored lower in both metrics than the winning consortium
- The project is expected to provide 3,120 homes with a residential gross floor area of 182,000 square feet
- Market valuation is estimated at HK$2.9 billion to HK$4.9 billion, or HK$1,600 to HK$2,700 per square foot
Why It Matters
This landmark development signals strong confidence in the Northern Metropolis initiative from both traditional real estate giants and technology sector leaders like JD.com . The project's success in attracting diverse enterprises demonstrates Hong Kong's ability to foster cross-sector collaboration for large-scale urban development, potentially setting a template for future Northern Metropolis projects .
This landmark development signals strong confidence in the Northern Metropolis initiative from both traditional real estate giants and technology sector leaders like JD.com . The project's success in attracting diverse enterprises demonstrates Hong Kong's ability to foster cross-sector collaboration for large-scale urban development, potentially setting a template for future Northern Metropolis projects .