Kerry Properties Acquires Third Hong Kong Luxury Site in Two Months

Kerry Properties has acquired a residential site in Hong Kong’s Mid-Levels West for HK$354 million ($45.2 million), the developer’s third addition to its luxury housing pipeline in the last two months.  

The 4,300 square foot (399 square metre) site at 62E Robinson Road and 4 Seymour Terrace is expected to yield about 38,900 square feet of gross floor area, according to a company release. Based on the developable floor area, the deal translates to a land price of roughly HK$9,100 per square foot.

“Located in a traditional luxury residential neighbourhood with convenient transport links and proximity to Central, the site holds strong development potential,” said Calvin Tong, director and general manager for Hong Kong at Kerry Properties.

The purchase comes after Hong Kong recorded 12,338 home sales in January and February 2026, up 81 percent year-on-year, according to Land Registry figures. Home prices as of 22 March were up 11.6 percent from May 2025 levels, according to data compiled by Centaline Property.

Going Vertical

Local news reports from 2020 indicate that a mainland Chinese company had applied for a compulsory sale of the Mid-levels West site, with Kerry not identifying the seller. Approval has already been secured to develop the site into a 28-storey residential project, the HKEX-listed developer said.

“Drawing on the Group’s extensive experience in premium residential development, we will deliver an exceptional luxury project, further strengthening our leading position in Hong Kong’s high-end market,” Tong added. 

At HK$9,100 ($1,163) per square foot of gross floor area, the acquisition compares favourably with Kerry’s HK$9,343 ($1,193) per square foot winning bid last month for a government site 10 metro stations east of Hong Kong’s Central commercial hub in Shau Kei Wan. 

The Robinson Road site sits a two-minute walk from the Central–Mid-Levels Escalator, connecting residents to the Central business district and Soho. The site, which was formerly occupied by a pair of aging buildings, is adjacent to Henderson Land’s The Richmond, a 28-storey, 90-unit boutique luxury residence.

“With a relatively modest land cost and the site now cleared, the project is well-positioned to become a notable addition to the area,” said Bobby Mak, real estate valuer at CHFT Advisory and Appraisal.

Rebuilding the Pipeline

The Mid-Levels West purchase brings Kerry Properties’ spending on Hong Kong residential sites this year to about HK$2.16 billion ($276 million). Those purchases have added more than 250,000 square feet to the company’s development pipeline, according to Mingtiandi calculations based on company announcements.

Kerry’s committed HK$1.38 billion to acquire the Shau Kei Wan Main Street East  site last month, shouldering aside seven competing bids with an offer which exceeded the upper range of analysts’ pre-tender estimates of around HK$1.19 billion. That plot can yield up to about 130,695 square feet of housing. 

Also during February, Kerry acquired from receivers a Kowloon Tong site previously owned by mainland developer Agile Group for HK$430.3 million, according to Land Registry records. Should Kerry win approval to boost the plot ratio of that site, it could develop up to 64,920 square feet of new housing by gross floor area.