Ho Man Tin Residential Site Sold to Kerry Properties Arm for HK$4.31 Billion, a Five-Year Kowloon High of HK$20,738 per Sq Ft
HONG KONG — The Lands Department announced on October 6 that a residential site at Fat Kwong Street, Ho Man Tin, Kowloon (Kowloon Inland Lot No. 11301), has been awarded to Hon Shing Investment Limited, a subsidiary of Kerry Properties, for HK$4,308.288 million (about HK$4.31 billion) on a 50-year land grant, the company being the highest bidder. Based on the maximum permissible gross floor area of about 19,300 square metres (roughly 207,700 sq ft), the price works out at about HK$20,738 per square foot of floor area.
The site covers about 5,170 square metres and is designated for private residential purposes, with gross floor area required to fall between 11,580 and 19,300 square metres. The sale conditions also require the buyer to build an elderly neighbourhood centre sub-base and a mental-health integrated community centre sub-base, whose floor area is excluded from that calculation.
Local media reported that the tender drew ten bids — a level of competition rarely seen for an urban site in recent years — from bidders including Sun Hung Kai Properties, CK Asset, Wheelock Properties, K. Wah International, China Overseas, Poly Properties, Chinachem, and a Sino Land–Great Eagle consortium. The winning price is nearly 40% above the top end of market valuations (about HK$3.12 billion, or HK$15,000 per sq ft), and surveyors quoted by local media described it as the highest accommodation value recorded in Kowloon in nearly five years.
Surveyors attributed the premium to scarcity. Centaline's Cheung King-tat noted the site sits in a traditional luxury district near MTR Ho Man Tin Station and that fresh supply of prime urban residential land is rare; Knight Frank's Fong Yiu-ming added that no government site had been offered in the Ho Man Tin area for years. A subsequent UBS report estimated the project would need to sell at an average of about HK$39,000 per saleable square foot to break even after construction and financing costs, reading the aggressive bid as a sign of management confidence in Hong Kong's luxury housing market.
The sale lands against a stabilising market: the Rating and Valuation Department's August private residential price index stood at 320.5 points, up 0.06% month on month and about 6.98% in the first eight months of the year, while the rental index hit another record high in the summer leasing season. Analysts see the result as a confidence signal for prime urban land, though the record land cost also sets a high bar for the project's eventual selling prices.
Sources: Hong Kong Government news service (Lands Department), October 6, 2026, with follow-up reporting by local media and UBS.
Published by GSM · USA (original Chinese edition)
Photo: 何文田佛光街一带街景，Tiam KOp 摄，CC BY-SA 4.0（Wikimedia Commons）
