Hong Kong construction firm Able Engineering has won a land auction in Tung Chung for HK$1.627 billion, exceeding market expectations. The company outbid several major property developers for the residential site.

Hong Kong construction and engineering company Able Engineering has secured a residential site in Tung Chung for a higher-than-expected HK$1.627 billion (US$207 million) premium, outbidding five groups of major developers in the city. Able Best, a construction and private development unit of Able Engineering, secured a 50-year land grant for the 152,332 sq ft plot, according to a statement from the Lands Department on Tuesday. The winning bid topped analysts’ estimates, which ranged between...