SEA's $1.1b Repulse Bay site win sets record

Local developer SEA Holdings (0251) has won a residential site in Repulse Bay for HK$1.19 billion, or at HK$62,352 per square foot, making it the most expensive residential site sold by the government in terms of square feet.

The luxury rural building lot 1203 on South Bay Road in Repulse Bay covers 21,173 sq ft and a gross floor area of 19,056 sq ft is expected to be built upon it.

The price is in line with market expectations as the rare residential site with a sea view is located in an area with many luxury homes, said Alvin Lam Tsz-pun, director at Midland Surveyors.

As it is located on a hill, the site's formation costs will be high, but the per-sq-ft price is expected to exceed HK$100,000 upon completion, surveyors pointed out.

The lot's per-sq-ft price is about 24.7 percent higher than the previous record of HK$50,010 set a year ago when a consortium led by Wharf (0004) acquired a site at 9 and 11 Mansfield Road on The Peak.

Eight other local developers including Sun Hung Kai Properties (0016), CK Asset (1113), Sino Land (0083), K Wah International (0173), and Hang Lung Properties (0101) had bid for the site, the Lands Department said yesterday.

This came as the Building Department approved 15 building plans in December, with Lohas Park phase 13 having the largest gross floor area.

The project will be four 58-story residential buildings which provide 1.56 million sq ft, according to the department.

Meanwhile, a survey done by Hong Kong Property Services before the Lunar New Year showed that more than half of Hongkongers will consider entering the property market in the next 12 months, a record in 16 quarters.

The result contradicts a poll by the Hong Kong Institute of Asia-Pacific Studies published on Monday, which showed that 60 percent of Hongkongers believed it was not the right time to buy a flat, even before the Covid-19 outbreak worsened last month.