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Sino Land teamed up with China Overseas, Great Eagle, and Chinese Estates to acquire the site.
The accommodation value of the site marks the lowest value on Hong Kong Island since 2002.
The accommodation value of the site was approximately 16% below the lower end of market expectations.
The site attracted ten bidders and the price was close to the upper end of market expectation.
The A.V. of HKD 6,138 per sq ft is 23% below the lower end of market expectations and is similar to a nearby site sold in 2014.
The site at Off Anderson Road has been sold for HKD 296 million, around 20% below the lower end of market expectations.
A residential site in Kwai Chung was sold for HKD 1.1 billion, slightly above the lower end of market expectations.
The land price for the site was around 10% below the lower end of market expectations.
The A.V. of the residential site was slightly below the lower end of market expectations.
The 14,885-sq-ft residential site could yield a maximum gross floor area of 89,338 sq ft.
Being the first non-office commercial site in the Off Anderson Road area, the site has been awarded to the REIT for the A.V. of HKD 5,501 per sq ft.
A small residential site at Hospital Road sold for HKD 551 million.