Kerry Properties unit wins Hong Kong Shau Kei Wan site for HK$1.38 bln

Hong Kong’s Lands Department has awarded a residential site in Shau Kei Wan, the first new private land supply on Hong Kong Island in three years, to a unit of Kerry Properties for HK$1.38 billion, a price above market expectations.

The site, Shau Kei Wan Inland Lot No. 860 on Shau Kei Wan Main Street East, was awarded to Fine Century, a wholly owned subsidiary of Kerry Properties, on a 50-year land grant, the department said.

Several major developers submitted bids for the site, including subsidiaries of Sun Hung Kai Properties (0016), Sino Land (0083), Great Eagle (0041), China Overseas Land (0688), China Merchants Land (0978) and K. Wah International (0173).

The site has an area of about 1,349 square metres and is zoned for non-industrial use, with residential development forming the primary permitted use. It carries a maximum residential gross floor area of about 12,142 square metres, excluding government accommodation facilities that the developer is required to build under the sale conditions.