MTR Corporation announced that Sun Hung Kai Properties (SHKP) has won the tender for the residential and commercial site above Nam Cheong station on the West Rail line. SHKP's winning bid of HK$11.8 billion represents an accommodation value of about HK$4,470 per square feet. The site is approximately 497,297 square feet and provides approximately 2.31 million sq ft of residential GFA and 297,732 square feet of commercial GFA. Analyst said HK$11.8 billion is a fair price given the massive scale of the development, the restrictions on flat size and the expected acceleration of government land sales.
     According to reports, Rosedale Hotel sold its Rosedale Hotel Kowloon at 86 Tai Kok Tsui Road to Ascendas for HK$1.315 billion. The 28-storey hotel, to be completed in 2012 with 435 rooms, represents a price per key of HK$3.02 million.