Kerry Properties has won the tender for a residential site in Shau Kei Wan with a bid of HK$1.38 billion, which beat market expectations.

The site – Inland Lot No 860 located at Shau Kei Wan Main Street East – was the first new land supply on Hong Kong Island in three years, and the public tender also marked the last one in the current fiscal year.

It was awarded to Fine Century, a wholly owned subsidiary of Kerry Properties, on a 50-year land grant according to the Lands Department.

With an area of 1,349.2 square metres and a maximum gross floor area of 12,142 square metres, the site drew eight bidders, including Sun Hung Kai Properties, Sino Land and China Overseas Land.

Market estimates had valued the plot at between HK$800 million and HK$1.2 billion, or about HK$5,300 to HK$8,000 per square foot.

But the final price offered by Kerry Properties beat those per-square-foot estimates handily with its HK$9,300 bid.

The site is designed for non-industrial purposes.



Edited by Thomas McAlinden