HKRI’s Victor Cha scores some fresh sites in the New Territories
In another sign that Hong Kong’s new stamp duty may not have a large impact on the housing market, Strongbod Limited, a joint venture between HKR International and Hysan Development, submitted a winning bid of HK$3.39 billion ($437 million) to acquire a pair of neighboring residential sites along Tai Po Lo Fai Road in New Territories.
The land plots are located northwest of the upscale Beverly Hills project in Hong Kong’s Tai Po area where a number of low density developments including Kerry Group and Nan Fung Development’s Richwood Park can be found. The pair of New Territories sites have a combined maximum gross floor area of 497,281 square feet (46,198 square metres).
Thomas Lam Ho Man, Senior Director, Head of Valuation and Consultancy, Greater China at Knight Frank told The Standard that the total investment into the project will likely be HK$6 billion ($773 million) and the price per saleable square foot could reach HK$18,000 ($2,321).
Land and Home Buyers Break Records In HK During November
November has been a big month in Hong Kong when it comes to residential real estate with both a land price record and a home price record being set in the first two weeks.
HNA Group, the operator of Hainan Airlines, kicked things off by spending HK$8.8 billion ($1.13 billion) for a site near Hong Kong’s old international airport. The site was tendered at HK$13,500 ($1,750) per square foot, doubling the former highest price paid for land in the area.
Another record fell this week when an adjacent pair of units at phase two of Wheelock and Company’s Mount Nicholson fetched HK$104,803 ($13,514) per square foot. The price made them the most expensive apartments in Asia on a per square foot basis. The total price for the two units was HK$912 million ($117 million).
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