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Kerry Properties outbids giants for Hong Kong site with HK$7.27B offer

A Kerry Properties Ltd. unit won the tender for a private residential site in Kowloon, Hong Kong, at a premium of around HK$7.27 billion, according to the Lands Department.

NMC 6 Ltd. clinched a 50-year land grant for the approximately 21,849-square-meter New Kowloon Inland Lot No. 6533 at Lung Cheung Road, Beacon Hill. Its minimum and maximum gross floor area span 19,107 square meters and 31,844 square meters, respectively.

Other bidders for the property included subsidiaries of Cheung Kong Property Holdings Ltd., Sino Land Co. Ltd., New World Development Co. Ltd., K. Wah International Holdings Ltd., Sun Hung Kai Properties Ltd., Henderson Land Development Co. Ltd., Regal Hotels International Holdings Ltd., Great Eagle Holdings Ltd., Hang Lung Properties Ltd., Shimao Property Holdings Ltd. and Logan Property Holdings Co. Ltd.

Bloomberg News said Oct. 5 that the winning bid is the highest paid for a land plot in a government sale since March 2013. The previous record was also held by Kerry Properties, wherein it paid HK$11.7 billion for a site in Ho Man Tin, Kowloon, the report said.