The residential land in Shau Kei Wan was awarded for HKD 1.38 billion, Centaline Surveyors: Transaction price exceeded expectations

The residential land at No. 860 Shau Kei Wan East Street was opened for bidding today. The site area is approximately 14,521 square feet and is designated for non-industrial (excluding warehouses, hotels, and gas stations) purposes. The maximum gross floor area for private residential use can reach 130,695 square feet.

According to Zhang Jingda from Centaline Surveyors, the atmosphere in Hong Kong's property market has significantly improved recently, with active transactions in the primary market. The market trend is gradually becoming clearer, and property prices have entered a recovery phase. Buyer confidence has noticeably increased, prompting many to accelerate their market entry, resulting in a significant rise in transaction volume, which has boosted developers' willingness to acquire land. This residential site on Shau Kei Wan East Street was awarded for HKD 1.38 billion, with a unit land price of approximately HKD 9,343 per square foot, exceeding market expectations. If the other seven bidding developers submit similar bids, it could further confirm the upward trend in the property market. The size of this land parcel is relatively small, the development period is relatively short, and the investment risk is lower. Additionally, residential land supply in the Hong Kong Island area is traditionally scarce, and the location is also close to the MTR station with complete living facilities, making it attractive to developers