Kerry Properties Wins Ho Man Tin Residential Site for HK$4.3 Billion
AM730 · 5 SOURCES1 day ago2 MIN
Summary
The Lands Department announced on Tuesday that Kerry Properties (683) successfully won the tender for the Ho Man Tin Fat Kwong Street residential site with a bid exceeding HK$43.08 billion . This translates to a floor area price of over HK$20,738 per square foot, surpassing the upper limit of market expectations by approximately 38 percent . The site attracted ten bids from major developers including Sun Hung Kai Properties, Cheung Kong Properties, China Overseas Land & Investment, and Henderson Land . The project is expected to deliver approximately 250 residential units and must be completed by the end of 2031 .
Key Points
- The site covers approximately 55,650 square feet with a maximum gross floor area of about 207,700 square feet
- Kerry Properties won against nine other consortia including CK Asset Holdings, Sun Hung Kai, China Overseas, Chinachem Group, and a joint venture between Sino Land and Great Eagle
- The floor area price of HK$20,738 per square foot is the highest for any Kowloon residential site since October 2021
- Developers must construct a Neighbourhood Elderly Centre sub-branch and an Integrated Community Centre for Mental Wellness, to be handed over to the government at no cost
- The site was formerly a seawater service reservoir and had been used as a temporary works area by the Highways Department
Why It Matters
The record-breaking bid signals strong confidence among major developers in Hong Kong's luxury residential market, despite broader economic uncertainties . This sale also marks the return of government land sales to Ho Man Tin after more than a decade, with the previous residential site in the area sold in March 2016 at a floor area price that was less than half of today's figure .
The record-breaking bid signals strong confidence among major developers in Hong Kong's luxury residential market, despite broader economic uncertainties . This sale also marks the return of government land sales to Ho Man Tin after more than a decade, with the previous residential site in the area sold in March 2016 at a floor area price that was less than half of today's figure .