Sun Hung Kai Properties (SHKP) has defeated three bidders to snap up a luxury residential site on The Peak for $490 million at yesterday's auction.
The price for the 146,067 square foot site at Severn Road was at the low end of market expectations of between $470 million and $528 million.
Among the bidders were Nan Fung Development and Chinese Estates Holdings.
Two smaller sites were sold at the high end of forecasts, fetching a combined $187.2 million.
The $677.2 million generated from the three sites, brought this financial year's land sales revenues to $5.93 billion, said Paul Tam Ming-tak, chief estate officer of the Lands Department.
During the year, which runs to March 31, 17 plots were sold including five sites from the reserve list through auction, he said.