Lantau Island plot fetches HK$1.13bn

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A parcel of land in the south of Lantau, the largest of Hong Kong’s islands, has sold for HK$1.13bn (US$143.9m).

Huge Choice Group won the tender process and secured a 50-year land grant for the 20,600 sq.m. site on South Lantau Road in Cheung Sha, Hong Kong’s Lands Department said in an announcement.

Huge Choice Group is an affiliate of mainland developer Agile Group, according to the South China Morning Post.

The plot is designated for private residential use, with a minimum gross floor area of 4,944 sq.m. and a maximum of 8,240 sq.m.

The tender received nine offers in total, joined by bids from the likes of Sino Land and K. Wah International Holdings.

The sale comes amid a flurry of activity in the region from investors looking to capitalise on the Greater Bay Area development plan.

The Greater Bay Area plan is the Chinese government’s scheme to link the cities of Hong Kong, Macau and nine cities in the Guangdong Province and create an economic powerhouse.

The Guangdong Province includes Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing.