HK's SEA at 3-month high after developer wins luxury site at record price

S E A Holdings

16/02/2022 03:17

** Shares of Hong Kong property developer SEA Holdings Ltd
 0251.HK  climb 1.8% to HK$6.20, their highest since Nov 8,
extending gains for the sixth straight session
    ** Co, with market capitalization of HK$3.73 bln ($478.1
mln), has won a residential site in Hong Kong's luxury area
Repulse Bay for HK$1.19 bln, or HK$62,355 per share foot - a
record high price for a residential site sold at government
auction  
    ** Hong Kong's Lands Department said the land in Repulse Bay
has a site area of about 1,967 square metres and is designated
for private residential purposes, with maximum gross floor area
of 1,770.3 square meters (https://bit.ly/3oRaS5D)
    ** "Located in one of the most prestigious locations in Hong
Kong, the supply of this kind of site is very limited and the
transaction record in the area has already shown that buyers are
willing to pay sky-high prices for luxury homes in Repulse Bay,"
said Martin Wong, Head of Research & Consultancy at Knight Frank
    ** Hang Seng sub-index, which tracks property firms  .HSNP ,
gains 0.6%, Hang Seng Mainland Properties Index  .HSMPI  surges
1.5%, and the benchmark Hang Seng Index  .HSI  rises 1.3%

    ($1 = 7.8018 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))