Cheung Sha site sells for $210m, smashing record and expectations

A developer has paid a record HK$210 million for a Cheung Sha residential site, 50% above the forecast price.

The price equates to up to HK$19,667 per sq ft, beating the previous highest price in the district of HK$15,100, paid in 2013.

The Lands Department announced yesterday that a Hong Kong firm, Golden United Development, a unit of Leap Up Investments, had won the tender for the coastal site from eight other bidders.  One of Leap Up’s directors is by Chan Sze-ming, the son of the vice-chairman of listed firm Agile Property Holdings, the Oriental Daily reports.

The site, Lot 763 in DD 332, with total area of 2,480 sq m, had been expected to fetch HK$110 to HK$140 million, or HK$10,000-13,000 per square foot.

By contrast a neighbouring residential site went for just $7,996 per sq ft three years ago.

The rise in valuations and the strong interest from bidders including Albert Yeung’s Emperor Group, Sino Land and Wheelock Properties underline how hot the local market has become for high-end homes.

Victor K.F. Lai, managing director, of Centaline Property Agency, said despite the higher than expected price, it was a good one for the developer.

With the coming of the Hong Kong-Zhuhai-Macao Bridge, Cheung Sha has become an attractive site for low-density luxury development, he says.

“The area is sitting on appreciation potential,” he told Economic Times.

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