Hong Kong's Wharf Holdings sets new record for land in prime area
16/01/2018 11:24
HONG KONG, Jan 16 (Reuters) - A subsidiary of Hong Kong
developer Wharf Holdings Limited 0004.HK won an auction for a
plot of land at HK$12.45 billion ($1.59 billion) in one of the
most expensive residential land sales ever in the city.
Hong Kong has one of the world's most expensive property
markets. Analysts expect the city's housing prices to continue
its record-breaking trend and climb a further five to 20 percent
in 2018. urn:newsml:reuters.com:*:nL4N1OT1MU
Tuesday's sale sets a new record in terms of price
per-square-foot for residential land in the prime Kowloon
district, north of the city's iconic Victoria Harbour, at
HK$28,531, some 35 percent higher than the previous record set
in October 2016.
When completed, the project's flats could potentially fetch
at least HK$40,000 per square foot, according to property
consultancy Knight Frank's senior director Thomas Lam.
The company, Alpha Pioneer Limited, beat nine other
companies, including local and mainland property giants CK Asset
Holdings 1113.HK and China Resources Land 1109.HK , a
government statement said.
The plot, located in the high-end neighbourhood of Kowloon
Tong, has a site area of about 11,300 square metres, with a
maximum gross floor area of about 40,500 square metres.
A consortium led by local developer Sino Land Co Ltd
0083.HK set a city-wide lump-sum record for residential land
sales last November when it won a tender for HK$17.3 billion in
Kowloon. urn:newsml:reuters.com:*:nL3N1NL3YO
($1 = 7.8237 Hong Kong dollars)
(Reporting by Venus Wu and Joy Leung; Editing by Jacqueline
Wong)
((Venus.Wu@thomsonreuters.com; +85228478039;))
Keywords: HONGKONG PROPERTY/