Swire Properties pays HK$1.96 billion for 13,200 sq ft plot in Wan Chai, beating 20 rivals in fierce competition
- Swire beat out rivals such as CK Asset Holdings, Kerry Properties and Citic Pacific for the land parcel on Queen’s Road East
- The property, which could fetch HK$33,000 per square foot when completed, is the second that must comply with Hong Kong’s 280 sq ft minimum for new units
Swire Properties has won a tender for a land parcel on Queen’s Road East in Wan Chai with an offer of HK$1.96 billion (US$249.7 million) for the 13,207 sq ft site to consolidate its foothold on Hong Kong Island.
Achieve Bright, a subsidiary of Swire, one of the city’s oldest and largest builders of luxury homes and grade-A offices, became the highest tenderer, beating 20 rivals including CK Asset Holdings, Kerry Properties and Citic Pacific, Hong Kong Lands Department said in a statement on Tuesday.
The land, a 10 minute walk from the Wan Chai MTR station, has a maximum gross floor area of 116,229 sq ft, giving it a price of HK$16,888 per square foot.
“The price is in line with market expectations,” said Alvin Lam, director of Midland Surveyors. “After construction completes, the properties could sport a price tag of about HK$33,000 per square foot.”
The buyer is likely to build residential flats atop a retail podium, similar to the neighbouring single-block composite developments such as One Wanchai and Queen’s Cube, Hannah Jeong, head of valuation and advisory services at Colliers International, said in a research note.
