Advertisement
Hong Kong property
Business

Wharf (Holdings) breaks own record set less than two months ago for residential plot on The Peak

  • A consortium led by a subsidiary of The Wharf (Holdings) outbid four rivals to win a second parcel on The Peak for US$935.2 million
  • At HK$50,010 per square foot, it is 8 per cent higher than the HK$46,272 per sq ft Wharf Development paid for the adjacent site on The Peak

Reading Time:2 minutes
Why you can trust SCMP
The government-owned Quarters Premises on Mansfield Road, The Peak. Photo: Winson Wong
Sandy LiandPearl Liu
A consortium led by a subsidiary of The Wharf (Holdings) outbid four rivals to win a second parcel on The Peak for HK$7.25 billion (US$935.2 million), smashing a record it set less than two months ago and enlarging its land holdings in Hong Kong’s most exclusive housing enclave.

The Lands Department on Tuesday awarded the site on 9 and 11 Mansfield Road, which could yield a total gross floor area of 144,970 sq ft, to Active Pursuit comprising some of the city’s richest real estate tycoons.

Advertisement

The consortium includes Wharf Development, a wholly-owned subsidiary of The Wharf (Holdings) controlled by the family of Hong Kong billionaire Peter Woo Kwong-ching; Boswell Holdings, controlled by Sino Land chairman Robert Ng Chee Siong; Cheung Chung-kiu, owner of the historic Ho Tung Gardens on The Peak; Chan Hoi Wan, wife of property tycoon Joseph Lau Luen-hung and his brother Thomas Lau.

At HK$50,010 per square foot, it was 8 per cent higher than the HK$46,272 per sq ft Wharf Development paid for the adjacent site at the 2, 4, 6 and 8 Mansfield site on December 23, a record for a Hong Kong residential site sold by government tender in terms of square footage.

Last September, the government announced it would divide the site at 2, 4, 6, 8, 9 and 11 Mansfield into two plots after it failed to sell it by tender in 2018.

Advertisement

Wharf defeated some of Hong Kong biggest developers including CK Asset Holdings, Sun Hung Kai Properties, Henderson Land Development and K Wah International Holdings to win the site, which hosted the former Quarters Premises, where some of Hong Kong’s civil servants were housed.

Advertisement