After years, Macau firm opts out of Hong Kong renewal project, seeks US$153m for site
A North Point redevelopment site is being put on the market for HK$1.2 billion (US$153 million) after its owner, which spent years assembling the ageing property, warned that redeveloping it could result in losses of as much as 30 per cent. The sale offers a rare glimpse into the difficulties facing private developers in Hong Kong’s urban-renewal drive, where lengthy acquisition periods,…
A North Point redevelopment site in Hong Kong is being put up for sale for US$153 million after its owner decided against continuing with the project, citing potential losses of up to 30%. The 7,680 sq ft site at 77-87 Marble Road has been in the possession of a consortium led by Excellent Group since 2018. The consortium spent over HK$800 million on acquiring units in the 61-year-old property before obtaining a compulsory-sale order in July 2025.
The asking price is believed to have covered the total cost of acquisition, including financing costs. Experts note that the sale reflects the challenges faced by private developers in Hong Kong's urban renewal drive, with lengthy acquisition periods, high financing costs and uncertain returns presenting significant obstacles. The Hong Kong government's efforts to encourage redevelopment, including lowering the compulsory-sale threshold, have had limited success in prompting developers to pursue these projects.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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