Swire Properties (1972) and Henderson Land Development's (0012) site in Quarry Bay was approved by the Lands Tribunal for compulsory sale with a reserve price of HK$6.31 billion - a new record for compulsory auctions in the city.
The property subject to compulsory sale comprises a range of old buildings situated at 983-987A King's Road and 16-94 Pan Hoi Street, which includes the Swiss House completed between 1959 and 1962.
The project was initially planned to develop two 32-story high-rise commercial buildings, which would include seven basement levels.
However, it was rejected by the Town Planning Board, and subsequently, the developers changed their plan to develop residential properties instead.
In March 2022, the Buildings Department approved the new redevelopment application, which includes the construction of two 28-story high-rise buildings, along with a three-story podium and two basement levels, covering approximately 368,300 square feet of residential space and around 72,300 sq ft of commercial space.
The reserve price of HK$6.31 billion for the site exceeded the previous record of HK$5.125 billion set in May for Swire Properties' Wah Ha Factory Building located at 8 Shipyard Lane in Quarry Bay.
Meanwhile, a consortium has filed an application to the Town Planning Board for relaxing the building height limit by 10 percent to build 12 houses on a site in Yuen Long. The land is situated at Shek Kong San Tsuen on Kam Tin Main Road, covering an area of about 43,060 sq ft.
The consortium has proposed to increase the building height restriction of the site from 9 meters to 9.9 meters, allowing for the development of 12 detached houses, each with two to three stories, and one non-residential building. The average floor area for each villa is around 1,435 sq ft, with expected completion in the first quarter of 2026.
In the primary market, a luxury project at Pok Fu Lam developed by Wang On Properties (1243) and others has been named Mount Pokfulam.
The development comprises seven mansions, each equipped with private front and rear gardens, a rooftop, terrace, independent garage, elevator and a private swimming pool.
The project is anticipated to be introduced in the form of move-in ready houses.
In other news, Henderson Land's Baker Circle Greenwich has received a large number of inquiries from prospective home buyers after adding the second price list, which consists of 28 units with an average discounted price of HK$18,978 per sq ft.
