Soundwill pushes to revalue Causeway Bay site as demand declines
The developer also asked for a lower tender price for the site.
Soundwill Holdings has asked the Land’s Tribunal for a three-month extension, from 29 May to 29 August, to conduct another compulsory sale tender for a Causeway Bay site.
The developer has also asked the department to lower the price to align with the site's current market value.
Soundwill referred to the recent price appraisal of the 11-storey building at $2.1b, which is 13.4% below the value of the failed sale.
In 1Q24, no new compulsory tenders were filed due to sharp declines in profits, exacerbated by falling revenues from home sales and commercial rents.