Lingnan schools site to become homes

Lingnan Education Organization is offering a property in Mid-Levels East for sale by tender, and the Town Planning Board is expected to give the green light to an application of a company related to the late shipping magnate Pao Yue-kong to redevelop an industrial building in Yau Tong for residential and commercial use.

The property at 15 Stubbs Road and 7 Tung Shan Terrace in Mid-Levels East, which was previously the Lingnan Primary School and Lingnan Kindergarten run by Lingnan Education Organization as campuses, is valued at about HK$500 million, local media reported.

The property has a site area of 17,277 sq ft. Lingnan Education Organization has applied to the Town Planning Board to redevelop the property into two residential blocks that can accommodate 14 units with a gross floor area of 34,810 sq ft.

This comes as Hong Kong's luxury property market is thriving, despite growing concerns about a fifth wave of Covid-19 infections and the worst recession in the SAR for years.

CK Asset last month sold a 3,378-sq-ft penthouse with a private swimming pool and three parking spaces at 21 Borrett Road in Mid-Levels for HK$459.4 million, or HK$136,000 per sq ft. The per-square-foot price was a new high for a flat in Asia.

Meanwhile, the Town Planning Board is expected to give the go-ahead to an application by Cornes to redevelop the industrial building at 8 Sze Shan Street in Yau Tong into a residential cum commercial development that can provide 445 units, local media reports. The property has a site area of 38,610 sq ft.

Watari Shinichiro, the son-in-law of the late shipping tycoon Pao Yue-kong, is chairman of Cornes.

In Mid-Levels West, Henderson Land Development (0012) acquired Jade Garden at 105 Robinson Road for HK$2.5 billion through a compulsory sale.

Chinachem Group chief executive Donald Choi Wun-hing sold two units at Yue On Commercial Building in Wan Chai for HK$14.7 million.