Hong Kong-based company Wharf has secured a premium land site for $1.2 billion by teaming up with Hong Kong-based property tycoons. The 54,541 square-foot property is located in the luxurious peak area and covers about 144,970 square feet of floor area.
The company has partnered with these business magnets for the development: Chinese Estates’ Chan Hoi Wan, Sino Land’s chairman Robert Ng and CC Land’s Cheung Chung Kiu.
Furthermore, the bidding price for the premium residential property was pegged at HK $50,011 per square foot, marking a record price for a residential site sold in government tenders. The site was previously valued at HK $6.8 billion by investment company Midland IC&I.
The record price indicates a robust mindset among developers in Hong Kong hoping that the region’s property market will rebound after the Covid-19 pandemic. However, the price of premium homes in Hong Kong recorded 8 percent slump in 2020 as cross border travel restrictions prevented buyers to purchase a property.
These are the bidders which have missed out on the tender: Henderson Land Development, CK Asset, K Wah International and Sun Hung Kai Properties. Wharf also acquired the adjacent residential property for HK $12 billion in 2020.
The luxury home price dip last year is more than one percent dip in the mass market. The reports are produced by Jones Lang LaSalle, a US-based real estate company.
The pandemic has walloped the global property segment like any other industry. However, the segment in some economies manged to stay resilient.