Kerry Properties Wins Ho Man Tin Land for HK$4.31b, Highest Kowloon Price in Five Years
SCMP · 1 SOURCES1 day ago2 MIN
Summary
Kerry Properties has won a residential land plot in Ho Man Tin, Kowloon, for HK$4.31 billion (US$549 million), achieving the highest land premium for a residential site in the Kowloon area in nearly five years. The winning bid of HK$20,738 per square foot of gross floor area came in 38 percent above the upper end of market estimates, signalling robust developer optimism about demand for luxury homes in Hong Kong .
Key Points
- The site on Fat Kwong Street sold at HK$20,738 per square foot of gross floor area, the highest land premium for a residential site in recent years, according to Vincent Cheung, managing director of Vincorn Consulting and Appraisal .
- The last time a Kowloon residential site fetched more than HK$20,000 per square foot was in October 2021, when Lai Sun Development paid HK$22,465 per square foot for a site on Broadcast Drive in Kowloon Tong .
- Kerry's winning bid was 38 percent above the upper end of market estimates, which ranged from HK$9,000 per square foot (CHFT Advisory and Appraisal) to HK$15,000 per square foot (Centaline Surveyors) .
- The government received 10 tenders for the site before Friday's deadline. It was the only Kowloon site in the government's land sale programme for the 2026-2027 financial year and the only residential site offered in the third quarter .
- The 55,649-square-foot site has a maximum gross floor area of 207,750 square feet and is expected to accommodate around 250 flats, with requirements to build an elderly care centre and community centre .
Why It Matters
The aggressive bidding reflects developers' confidence in Hong Kong's luxury property market, particularly among investors seeking high-end residential opportunities in established neighbourhoods near MTR stations . Surveyors estimate completed units would need to sell at nearly HK$40,000 per square foot of saleable area, potentially setting a new benchmark for luxury housing prices in the Ho Man Tin area .
The aggressive bidding reflects developers' confidence in Hong Kong's luxury property market, particularly among investors seeking high-end residential opportunities in established neighbourhoods near MTR stations . Surveyors estimate completed units would need to sell at nearly HK$40,000 per square foot of saleable area, potentially setting a new benchmark for luxury housing prices in the Ho Man Tin area .