“It is surely lower than market expectations before the announcement of the result and the closing of tender,” says Cyrus Fong, senior director for valuation and advisory at Knight Frank.
With a gross floor area of 1.42 million square feet, the whole site consists of 3 individual lots, and there are limitations on the buildable area for each of the lots. The conditions of the tender also require CK Asset to build an elderly home and child care units as part of the project.
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