SEA Holdings wins Repulse Bay plot for US$153 million, sets record for land sold through government tender
- A unit of SEA Holdings paid HK$62,352 per square foot for a luxury residential site in Repulse Bay
- The price tag reflects developers’ confidence in the city’s luxury residential market, market observers say
A small plot in Hong Kong’s upmarket Repulse Bay residential district on Tuesday set a price record for land sold through government tender, reflecting developers’ confidence in the high-end property segment even as the pandemic dampens the overall market sentiment.
The site, Rural Building Lot 1203, measuring just 21,173 square feet, attracted bids from nine developers, including Hang Lung Properties, Sun Hung Kai Properties, CK Asset and Sino Land.
Surveyors had previously estimated the plot could fetch between HK$1.14 billion and HK$1.24 billion, or HK$60,000 to HK$65,000 per square foot.
“As it generally takes five to six years for a developer to complete a low-rise luxury project, the ongoing Covid-19 pandemic has not had much influence on the bids submitted by the participating developers,” said James Cheung, an executive director at Centaline Surveyors.