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SHKP nets Peak site for $490m amid caution

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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.

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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.

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During the year, which runs to March 31, 17 plots were sold including five sites from the reserve list through auction, he said.

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