Kerry Properties (0683) won the bidding of the 55600-square feet site on Fat Kwong Street, Ho Man Tin, for over HK$4.31 billion, a land price of over HK$20,738 per square foot, far exceeding market expectations and marking the most expensive residential site in Kowloon since the Kowloon Tong site in October 2021.
The site was estimated to be valued at HK$1.87 billion to HK$2.81 billion, or an estimated HK$9,000 to HK$13,500 per sq ft. The tender closed last Friday, receiving 10 tenders.
The developer is obliged to construct a branch of an neighbourhood elderly centre and a branch of an integrated community centre for mental wellness, which will later be transferred to the government without compensation.
The project is near the luxury development Ultima, Ho Man Tin Park and the service reservoir, as well as the ventilation building for the Central Kowloon Bypass. It has a buildable gross floor area of nearly 208,000 square feet and is expected to provide about 250 units.
