In a competitive land auction, Hong Kong-based Kerry Properties has secured a prime residential plot in Shau Kei Wan for US$177 million, outbidding seven rivals to claim development rights on a 1,349-square-metre site in the Eastern district.
The Lands Department announced on Monday that Kerry won the 50-year land grant for the parcel, measuring 1,349 square metres or 14,523 square feet, located at Shau Kei Wan Main Street East. This victory underscores the fierce demand for developable land in Hong Kong's tightly constrained property market.
According to Kerry Properties, the site is poised to deliver a total gross floor area exceeding 130,000 square feet, accommodating approximately 300 residential units. The development potential highlights the company's strategic focus on high-density housing in established urban areas.
“We are delighted that Kerry Properties has successfully secured the site at Shau Kei Wan Main Street East,” said Calvin Tong, director and general manager for Hong Kong at Kerry Properties. His enthusiasm reflects the site's appeal amid ongoing challenges in the local housing sector.
Tong further emphasized the location's advantages, noting its strong transport connectivity, comprehensive lifestyle facilities, and a limited supply of new residential developments in the vicinity. These factors position the plot as an attractive opportunity for future homebuyers in the Eastern district.
The acquisition comes as Hong Kong grapples with one of the world's most unaffordable housing markets, where limited land supply continues to drive competition for sites like this one. Kerry's success in beating seven other bidders illustrates the high stakes involved in expanding residential inventory.
