Henderson Land Clinches Prime Harbourfront Plot

Henderson's blueprint presents lots of green spaces in Central

Developer Henderson Land Development is bullish on Hong Kong -- specifically Central district.

It had the winning bid of HK$50.8 billion (US$6.5 billion) for the New Central Harbourfront Commercial Site 3, beating out five other developers.

This plot of land was sold for HK$50.8 billion

Henderson will spend another HK$63 billion to develop the site which is the plot of land in front of the Hong Kong General Office and City Hall. The winning bid will feature three main buildings, the one closest to the waterfront will be multifunctional, while the other two will be office towers. Most of the land will have greenery in mind as well as public spaces. 

The old Star Ferry clock will be reconstructed in around the same spot as a visual landmark and showcase the city's maritime heritage.

According to Knight Frank, the Central Site 3 ranks as the second most expensive land transaction worldwide of all time, after a 861,120 sq ft site in Seoul's Gangnam district was bought by a Hyundai Motor-led consortium in 2014 for 10.5 trillion won (US$10 billion).

Market observers said the record price for the prime plot will boost the city's commercial property market and reinforce Hong Kong's position as a world class global financial hub.

Plowing that much money into Central means a big vote of confidence for the district even though the Lam administration has plans to develop the area near the border with the mainland.

Three buildings will be on the site, two are offices

"Although there are other large-scale developments such as Northern Metropolis and Lantau Tomorrow Vision in the pipeline, it would take 15 to 20 years for these projects to be fully completed and at least another decade for other areas to mature," said Martin Wong, head of research and consultancy of Greater China at Knight Frank.

"Central will remain the financial centre for Hong Kong in the foreseeable future," he added.

As we said earlier, Lam's vision of people sleeping better will have to wait at least 15 years...