Hong Kong Island site for 500 flats, once Chinese developer Agile’s, put up for tender
- Sale comes a week after the distressed developer’s chairman, Chen Zhuolin, sold a home for less than half the price paid six years ago
The receiver of two residential sites spanning nearly 450,000 sq ft in Hong Kong Island’s Eastern district, once owned by distressed Chinese developer Agile Group Holdings, put the properties up for sale by tender on Monday.
Agile paid a total of about HK$3.3 billion (US$423 million) for the two adjacent sites, at 992-998 King’s Road and 2-16 Mount Parker Road in Quarry Bay, in 2017 and 2022, according to Savills, the sole agent for the sale.
The combined site area is around 50,000 sq ft and supports a maximum gross floor area of around 448,000 sq ft. The deadline for expression of interest is noon on October 2.
“Upon completion, the project is expected to provide over 500 residential units and more than 190 car parking spaces,” said Tommy Chan, senior director of investment of Savills. With scarce new residential supply in the urban areas of Hong Kong Island, coupled with the site’s proximity to the Quarry Bay MTR station and the Taikoo Place office complex, the development is expected to appeal to both owner-occupiers and investors, he added.
Agile held 100 per cent interest in the project as of December 31, according to its 2023 annual report.
“The group has two high-quality property projects,” the report said, listing the King’s Road and Mount Parker Road sites, plus a project on Eastbourne Road in Kowloon Tong.
