Hong Kong’s government sold a residential site for HK$1.29 billion (US$165 million) at auction yesterday, beating estimates and signaling the luxury property market is withstanding measures to make homes more affordable.
Kerry Properties Ltd (嘉里建設), controlled by the family of Malaysian tycoon Robert Kuok (郭鶴年), won the bidding for the land in the Kowloon Tong district. The plot set a per-square-foot record for the Kowloon Peninsula of HK$16,587, according to real estate broker Midland Holdings Ltd.
Prices have exceeded estimates in both land auctions held since Hong Kong stepped up efforts to cool the property market earlier this month. Singapore joined Hong Kong in imposing anti-speculation measures this week, underscoring the risk of asset bubbles in Asia as record-low US interest rates and the region’s economic recovery spur demand.
Yesterday’s Hong Kong auction is the sixth by the government in the current fiscal year and was triggered by developers’ applications. The opening bid for the lot was HK$659 million.
Cheung Kong (Holdings) Ltd (長江實業), controlled by Hong Kong’s richest man, Li Ka-shing (李嘉誠), paid more than estimated for a site in Ho Man Tin district, near Kowloon Tong, four days after the government on Aug. 13 announced measures to cool the market.
The Ede Road site auctioned yesterday has a total buildable area of 7,197m², compared with 36,604m² for the site Cheung Kong bought, and 80,733m² for another Ho Man Tin plot purchased by Sun Hung Kai Properties Ltd (新鴻基地) in June.
“It’s a fantastic site in a good location,” Kerry executive director Steve Ho (何述勤) told reporters after the auction. “There’s also a shortage of supply in the neighborhood. I’m very satisfied with the auction’s outcome.”
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