Giants bid for prime Peak sites

CHEUNG Kong (Holdings) and Wheelock Properties have submitted separate bids for two residential sites on the Peak which are said to be worth more than $600 million.

The two adjacent properties on Plunkett's Road can provide a gross floor area of 86,000 sq ft.

Wheelock managing director Ray Tse Chee-on said the company submitted its bid before Monday's deadline.

Cheung Kong property investment and valuation manager Grace Woo said the company joined the bidding because of the potential investment value of the sites.

According to tender arranger Colliers Jardine, the sites are ideal for investment or redevelopment. On the sites are residential developments Hillcrest and Hillview Villas, which have rental income of more than $2 million a month.

Ms Woo said if Cheung Kong (Holdings) won the tender, it might invite associate company Hutchison Whampoa to jointly develop the projects.