ForbesAsia-April2018

APRIL 2018 FORBES ASIA | 15

velopment margin over the past four years.

Wheelock & Co., controlled by billionaire Peter Woo,

bought another parcel from HNA in early March for $

million with a buildable gross loor area of 425,000 square

feet, which translates to $1,904 per square foot. he company

says it intends to expand an existing residential project called

Oasis Kai Tak, which has been priced on average at $2,887 per

square foot ater discount, according to reports. (he com-

pany points to a higher recent sale.) he cost of that site was

LARRY CHAN/REUTERS a modest $777 a square foot in 2014. Wheelock declined to

Planespotting: Air traic was a part of daily life in Hong Kong for pedestrians and spectators prior to 1998.