An undeveloped piece of land, measuring at 5,067 square-meters or the equivalent of hosting about 70% of a standard soccer pitch, has been sold at the record-breaking price of about R13.7 billion in the Victoria Peak neighbourhood of Hong Kong.
According to the South China Morning Post and reported in Bloomberg, the deal was announced on February 9th of this year saying that the sale of the plot of land had set a new record for the highest price-per-square-foot paid for a government-owned residential site in Hong Kong.
The plot was bought by a group of investors which includes a Wharf subsidiary, an entity owned by Sino Land Co.’s Chairman Robert Ng, C C Land Holdings Ltd.’s Cheung Chung Kiu, Chinese Estates Holdings Ltd.’s Chan Hoi Wan, and her brother-in-law Thomas Lau.
Locally known as the Peak, the Victoria Peak neighbourhood is considered one of the most exclusive and expensive residential areas and boasts residents ranging from financiers, business tycoons to celebrities and billionaires.
The main buyer was Wharf Holdings, a 135-year-old company that mainly deals in property development. The company purchased 50% of the 1.25-acre property.
According to reports, the site can be developed to have a maximum 144,970 square feet of floor area and at the time of publication more details of the development plans were not available.
