January 16, 2018 / 11:26 AM / a year ago

Hong Kong's Wharf Holdings sets new record for land in prime area

HONG KONG, Jan 16 (Reuters) - A subsidiary of Hong Kong developer Wharf Holdings Limited 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.

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 and China Resources Land, 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 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.

$1 = 7.8237 Hong Kong dollars Reporting by Venus Wu and Joy Leung; Editing by Jacqueline Wong

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