It is designated for non-industrial use.

Far East Consortium subsidiary Sanon Limited has been awarded a 50-year land grand for a Kai Tak commercial site for a premium of $2.45b, an announcement revealed.

Located at Shing Kai Road and adjoining the Kai Tak Sports Park, the 121,373 sqft (11,276 sqm) site has a minimum and maximum gross floor area of 258,000 sqft (24,000 sqm) and 344,000 sqft (32,000 sqm). It is designated for non-industrial use purposes.

The firm is expected to develop the land on or before December 2024, and will have an annual rent of an amount equal to 3% of the rateable value of the site.

Also read: Kai Tak home plot’s floor price sinks 18% to $8.33b

Far Eastern Consortium paid a deposit $25m and will pay the remaining balance within 28 days starting 12 August.

The sale is the latest amongst Kai Tak sites sold in recent months. In late July, a joint venture between Wheelock Properties, K Wah International Holdings and China Overseas Land and Investment (COLI) secured a Kai Tak site for $12.5b in what was touted the cheapest land sale in the area in three years.