Kerry Properties Secures Ho Man Tin Land Plot at Record Price, Signaling Luxury Demand
Kerry Properties acquired a land plot in Ho Man Tin for HK$4.31 billion, marking the highest price for a residential site in Kowloon in almost five years, according to the South China Morning Post. The bid exceeded market estimates by 38%.
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According to the South China Morning Post, Kerry Properties secured a land plot in Ho Man Tin for HK$4.31 billion (US$549 million), which represents the highest amount paid for a residential site in Kowloon in nearly five years, suggesting developers have confidence in the demand for high-end housing.
The site, located on Fat Kwong Street, was sold at a premium of HK$20,738 per square foot of gross floor area, which Vincent Cheung, managing director of Vincorn Consulting and Appraisal, stated is the highest land premium for a residential site in recent years.
Previously, the last instance of a residential site in Kowloon achieving a price exceeding HK$20,000 per square foot occurred in October 2021, when Lai Sun Development purchased a site on Broadcast Drive in Kowloon Tong for HK$22,465 per square foot.
Kerry Properties' successful bid was 38 per cent higher than the upper limit of market projections, which were estimated by CHFT Advisory and Appraisal at HK$9,000 per square foot and by Centaline Surveyors at HK$15,000 per square foot.
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