2024-05-09 28Hse Editor
The outbreak of the fifth wave of the epidemic in Hong Kong has not affected developers' rush to purchase high-quality luxury residential land. The Lands Department announced the results of the tender yesterday, and the site on South Bay Road in Repulse Bay was won by “Xi Ke” Java. The transaction price was about 1.188 billion yuan, and the land price per square foot was 62,352 yuan, which was within the market expectation, breaking the peak price at the beginning of last year. Fai Road has an old record of about 50,000 yuan per square foot of floor area, becoming the king of new land in Hong Kong. In contrast, the land price per square foot of the land sold in the same area in May 2012 was about 39,673 yuan, and the land price in the area has risen by 57% in the past 10 years. ◆reporter Yan Lunle
The luxury residential site on South Bay Road in Repulse Bay covers an area of about 21,173 square feet, with a buildable floor area of about 19,056 square feet. The land bid was closed last Friday, and 9 bids were received. The consortiums that won the bid include SHKP, Jianhao Real Estate, Great Eagle Group, Java Group, Sino Land, K. Wah International, etc., while Emperor International and Capital Strategies entered the bid as a joint venture. The consortium has experience in the development of super luxury houses. The final land bid was won by Java, with a land price of about 1.188 billion yuan, and the floor price per square foot was as high as 62,352 yuan, setting a new high for the land price per square foot of residential official land in Hong Kong.
The transaction record pushed up another nearly 25%
Looking through the information, the record of the land price in Hong Kong appeared in February last year. At that time, a consortium led by Wharf won the bid for No. 9 and 11 Man Fai Road, The Peak. The land price was as high as 7.25 billion yuan, or 50,010 yuan per square foot. The Repulse Bay land king pushed the record by another nearly 25%. Previously, the market was quite optimistic about the land. The estimated valuation ranged from 1.03 billion to 1.43 billion yuan, and the land price per square foot was 54,000 to 75,000 yuan. Therefore, the land price this time was within market expectations.
As for the last piece of land sold in the area, it was the No. 110 Repulse Bay Road, which was acquired by Dachang Properties in 2012 at a price of 1.668 billion yuan, and now "108 PULSA in Repulse Bay" has been completed. The land price was about 39,673 yuan, and this time, the land bid in Java nearly 10 years later has pushed the land price per square foot in the area by 57%. It is worth noting that behind the site is Cheung Kong's newly built terraced houses at 90 Repulse Bay Road (90 REPULSE BAY ROAD). Pricey.
Java: Rent collection for proposed villas
Chen Kaixin, general manager of the Java Group's sales department, replied to the media yesterday, saying that the land is a rare luxury residential land supply in Repulse Bay, and the company also sees the sea view. The group currently plans to build 2 to 4 villas on the land, which are expected to be used for rent collection, with a total investment of about 1.6 billion yuan, and it is expected to be completed in 3 to 5 years.
The land price per square foot can reach 110,000
Fang Yaoming, senior director of Knight Frank’s Valuation and Consultancy Department, believes that the winning bid for the site on South Bay Road in Repulse Bay is reasonable, reflecting that the winning bidder is optimistic about the super luxury property market. Although the land is located on a slope, it should be possible toThrough site leveling and design adjustments, the property can enjoy panoramic sea views after completion. Zhang Qiaochu, managing director of Hongliang Consulting and Evaluation, pointed out that the location of the land is convenient, it is close to the shopping mall THE PULSE, and the degree of privacy is quite high, which offsets the shortcomings of the land and landscape. It is expected that the land price per square foot will reach 110,000 yuan after completion .
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