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Shangri-La Asia has successfully acquired a state plot at Hung Hom in Kowloon for HK$2.328 billion (S$385 million), according to a report by The Business Times.
It said that the company intends to develop the land into a mixed development that will include a hotel as well as retail and recreational facilities.
It’s wholly owned subsidiary, Shangri-La Hotel (Kowloon), executed a memorandum of agreement on 4 January 2012 for a 50-year land grant with the Hong Kong Special Administrative Region Government.
The site is situated at the junction of Wa Shun Street and Hung Luen Road. It has a total area of approximately 15,623 sq m and a maximum gross floor area (GFA) of 62,492 sq m.
The development must be completed and fit for occupation by 30 September 2018.
This will be the group’s fourth hotel in Hong Kong and will be operated by one of the company’s hotel brands.
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