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Lai Sun to pay $303m for Kowloon site
27 June 2007
The Standard

Project Rendering

By 鄧麗欣之戀 from :

Lai Sun Development (0488) has secured a residential site in Kowloon for HK$303 million in a public tender. The winning bid marks the Hong Kong- listed developer's second purchase in recent years.

The company intends to build a residential-commercial project on the 7,152-square-foot site located at 22, 24, 26 and 28 Tai Po Road in Prince Edward.

The project will generate a gross floor area of more than 60,000 sqft.

The estimated construction period will be about three years after delivery of vacant possession of the property, on completion of the acquisition in the third quarter, subject to the terms of the conditions of sale by tender, Lai Sun said in an announcement to the Hong Kong stock exchange.

The total investment, including land costs, construction expenses and other fees, has not been disclosed. Analysts estimate the outlay at more than HK$400 million.

Lai Sun said it paid an initial deposit of HK$15 million for the site on submission of the tender Friday. Under the conditions of sale by tender, a further deposit of HK$15.3 million will be payable by the winning bidder next month with the rest payable upon completion scheduled to take place in the third quarter. Lai Sun intends to fund the acquisition from internal resources or banking facilities.

In May, Lai Sun and partner toy magnate Francis Choi Chi-ming sold Majestic Hotel and Majestic Centre, a hotel-retail complex in Yau Ma Tei, to an investment fund for HK$1.69 billion.

Last year, Lai Sun teamed up with AIG Global Real Estate Investment (Asia) to acquire a development site in Wan Chai for HK$595 million.

A residential-commercial project will be built on the 10,807-sqft site at 20-34 Wood Road at a cost of HK$920 million, including land and construction expenses.

When finished, it will have a GFA of 120,040 sqft.

Lai Sun is also considering redeveloping the Ritz-Carlton in Central as a hotel plus office complex.

Shares of Lai Sun Development closed unchanged at HK$0.295 Tuesday.
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