Pidemco Land buys SAR block

PUBLISHED : Sunday, 26 September, 1999, 12:00am
UPDATED : Sunday, 26 September, 1999, 12:00am

SINGAPORE'S Pidemco Land has made its first foray into the SAR's property market, paying $962 million for a luxury apartment block at Repulse Bay's Hong Kong Parkview development.

The seller is reportedly the family of George Wong Kin-wah, chairman of the Hong Kong-listed Hong Kong Parkview Group, according to Singapore's Business Times.

This is believed to be the largest upmarket en bloc residential investment deal transacted in the SAR so far this year and will be seen as a further sign of returning market confidence.

Pidemco, which is linked to the Singapore Government, said it was going into the market now because it was attracted by prices some 50 per cent below their peak of two to three years ago.

Hong Kong Parkview is a sprawling development comprising 18 blocks at 88 Tai Tam Reservoir Road.

Pidemco will buy one 20-storey block of 40 residential units and 40 parking lots. The price equates to about $9,200 per square foot.

Other overseas investments include Canary Riverside, a commercial, residential and hotel project in London and the Sheraton Suzhou Hotel and Towers in the mainland.

Barry Porter