Jewelry Maker Henderson Sells Kowloon Tong Site for Near HK$200 Million
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
Henderson Jewellery Group, a Hong Kong-listed company that recently suspended trading pending an announcement, is on the verge of selling its Kowloon Tong residential development site on Boundary Street to a consortium for nearly HK$200 million. The site, spanning approximately 5,054 square feet, can be redeveloped into about 25,270 square feet of floor area after land premium settlement. The transaction is expected to constitute a very substantial disposal under Hong Kong listing rules. Market observers estimate the total project cost including land premium could reach close to HK$300 million.
Key Points
- Henderson Jewellery Group holds the site at 164-164A Boundary Street, Kowloon Tong, classified as a Class A development site
- A consortium has offered approximately HK$200 million for the site, translating to about HK$7,914 per square foot of gross floor area
- Henderson Jewellery acquired the basket of properties at 164-164A Boundary Street in 2021 for HK$185.3 million
- The ground-floor shop unit at 164 Boundary Street was previously owned by actor Eric Tsang, who purchased it for HK$4.2 million in 2002 and sold for approximately HK$32 million in 2021, netting a gain of HK$27.8 million (6.6-fold increase over 19 years)
- Henderson Jewellery Group has diversified into property development, including the 42-unit Eternity Place in Cheung Sha Wan, which sold out entirely last year
Why It Matters
This transaction reflects the continued interest of property investors in prime residential sites in Hong Kong's prestigious school net areas. The Kowloon Tong location directly opposite St. Francis' Canossian College Primary School demonstrates how school catchment positioning drives land values in the city's competitive property market. For Henderson Jewellery, exiting this development project marks another step in the company's broader transformation from jewellery manufacturing to property development .
This transaction reflects the continued interest of property investors in prime residential sites in Hong Kong's prestigious school net areas. The Kowloon Tong location directly opposite St. Francis' Canossian College Primary School demonstrates how school catchment positioning drives land values in the city's competitive property market. For Henderson Jewellery, exiting this development project marks another step in the company's broader transformation from jewellery manufacturing to property development .