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Chinachem Group has secured a 70,127 sq ft site in Tsuen Wan in the New Territories for more than HK$2.47 billion (US$318 million), beating eight other bidders, according to the Lands Department.
The other bidders were Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Great Eagle Holdings, China Overseas Land & Investment, K. Wah International Holdings, Wheelock Properties and a consortium of Sino Land, Kerry Properties and China Merchants Land.
The award gives Chinachem – a privately held developer managed by a trust containing assets bequeathed by its late chairwoman Nina Wang, once Asia’s richest woman – a 50-year grant over the lot, allowing it to expand its footprint in a district that was the first new town developed by the government in the 1960s. The site is at the junction of Wing Shun Street and Texaco Road.
“The site is adjacent to the Tsuen Wan West MTR station and Tsuen Wan Park and benefits from a mature community with ample shopping malls and amenities,” said Andy Cheung, executive director and CEO of Chinachem. “The development will primarily feature small to medium-sized residential units.”
Chinachem maintained a portfolio spanning more than 6 million sq ft of gross floor area across residential, retail, hospitality and industrial projects, according to information on its website. It also had 1.44 million sq ft of investment properties under construction and 2.3 million sq ft of gross floor area in development properties for sale.
The developer’s projects were mainly in Tsuen Wan and included office buildings Nina Tower and Chinachem Tsuen Wan Plaza, and shopping centres like Nina Mall and D-Park, which it acquired from New World Development last year.
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