These are the major property deals you may have missed this month

Wheelock, Swire amongst winning bidders.

According to Barclays, Wheelock’s Harbour Centre won the tender for the conversion of 44-year old Murray Building into a hotel. 

With a total GFA of 325,073sf, the winning bid ofHK$4.4bn works out to an AV of HK$13,535psf. Under the terms in the land tender, the winning developer is required to maintain the exterior of the 27-storey building, but is permitted to use up to 70% of the space for hotel rooms, with 30% for entertainment and retail purpose.

According to the Hong Kong Economic Times, the estimated all-in cost by the company is HK$5.7bn (HK$17,535psf), or HK$19mn per room.

As for the other tenders, Swire Properties won the commercial site in Kowloon for HK$2,638mn (HK$4,753psf), while Sino Land won the bid for the residential site in Sai Kung at HK$850mn (HK$4,891psf).

The commercial site (GFA: 555,035sf) in Kowloon Bay drew a total of 17 bids. The land sale condition does not permit the completed development to be strata-titled.

Instead, the winning developer is required to either sell it en-bloc or hold it for long-term rental purpose. Separately, nine developers submitted bids for the residential site (GFA: 173,796sf) in Sai Kung.

The development is restricted with a height limit of 8 storeys and a minimum of 270 units.

Separately, last Friday’s two land tenders drew a total of 21 bids with 13 developers vying for the site in Sheung Shui and 8 vying for the site in Tsuen Wan. Adjacent to The Hong Kong Golf Club, the 154,280sf residential site in Sheung Shui could yield 555,401sf GFA.

The land sale condition requires at least 515 units to be built on the site. Developers bidding for the site include Cheung Kong, Henderson Land, SHKP, NWD, K.Wah, Wheelock and Sino Land. Surveyors estimate the site could fetch HK$1,556-2,222mn or HK$2,800-4,000psf.

The other site in Tsing Lung Tau, Tsuen Wan is relatively smaller-scaled with 132,042sf GFA and carries the addition restriction that at least 175 flats are to be built on the site. 

Surveyors estimate the site should be worth around HK$423-528mn, translating to an AV of HK$3,200-4,000psf.