Hong Kong land sale stuns market as HK$4.3b bid hits 5-year Kowloon high

Kerry Properties secured a Ho Man Tin land plot in Kowloon for HK$4.31 billion, marking the highest price for a residential site in the region in nearly five years. The Fat Kwong Street site sold at HK$20,738 per square foot, the highest premium for residential properties recently, according to Vincorn Consulting and Appraisal's Vincent Cheung.

The previous record in Kowloon was HK$20,000 per square foot, achieved in October 2021. Kerry's HK$4.3 billion bid was 38% above market estimates, which ranged from HK$9,000 to HK$15,000 per square foot. The site, previously a saltwater service reservoir and a temporary area for the Highways Department, is advantageous due to its proximity to luxury projects near the Ho Man Tin MTR station.

With a maximum gross floor area of 207,750 square feet, the 55,649-square-foot site is expected to house around 250 flats. Developers must incorporate an elderly care center, a community center, and an access road to Fat Kwong Street into the project. Kerry Properties has been actively expanding its Hong Kong land portfolio, securing four sites for a collective HK$6.47 billion this year.