NewKerry Properties wins tender for Kowloon Tong site for HK$2.39 billion
Kerry beat 19 rivals which included big developers such as Cheung Kong (Holdings), Sun Hung Kai Properties, Swire Properties, Sino Land, Henderson Land Development and a venture among Shimao International Holdings, Emperor International Holdings and Pine Billion Enterprises
Kerry Properties outbid 19 rivals to win the government tender for a residential site in Kowloon Tong for about HK$2.39 billion in the most expensive plot sold by the government in Kowloon.
With a buildable area of 116,380 square feet, the price tag works out to HK$20,534 per square foot. Property agents had predicted the site would be sold between HK$12,000 per sq ft and HK$15,000 per sq ft.
“The local market has keen demand for large-scale premium property developments in prime locations. The Company has full confidence in the potential of this project, which is ideally situated at a traditional luxury residential area of Beacon Hill,” Kerry Properties said in the announcement on Wednesday.
The residential site at Lung Cheung Road, Beacon Hill, occupies an area of about 114,550 sq ft with a buildable gross floor area of 116,380 sq ft.
Billy Wong, associate director of Ricacorp Properties, said flat owners in Kowloon Tong immediately withheld their sales plan after the strong land sales result.
“They did not raise their asking price. They just refused to sell,” said Wong.