As 2021 draws to a close, we scoured our database to recall some of the record-breaking transactions in the Hong Kong market over the last 12-18 months. Take a look at some of the records that were broken below.
In July 2020, the 98,791 sq. ft. Sha Tin Town Lot No. 613 was sold through government tender to China Mobile for HKD5.6 billion (~USD720 million), making it the most expensive industrial-zoned land sale in the city. With a maximum GFA of 938,524 sq. ft., the accommodation value for the site came in at HKD5,967/sq. ft. The lot was zoned as industrial with Information Technology and telecommunications as a permitted use, allowing for the development of a data centre on the site. This was a record previously held by SUNeVision’s Tseung Kwan O Town Lot No. 131 just outside of the Tseung Kwan O Industrial Estate, which was sold back in December 2018 for HKD5.456 billion, specifically for data centre use (with a maximum GFA of 1,212,000 sq. ft. and accommodation value of HKD4,500/sq. ft.).
Then to bring the year to a close, the residential-zoned site at 2, 4, 6, 8 Mansfield Road on the Peak (RBL 1211) fetched HKD12 billion (~USD1.542 billion) as it was snapped up by Wharf through government tender in December 2020, setting the record for most expensive residential land sale by price. The lot had a HKD46,272/sq. ft. accommodation value on a maximum GFA of 259,337 sq. ft. (site area of 134,884 sq. ft.). This was soon followed by the sister site at 9 & 11 Mansfield Road (RBL 1222) which broke the record in February this year for most expensive residential sale by Accommodation Value, with a HKD50,010/sq. ft. accommodation value. The site, also bought by Wharf has a maximum GFA of 144,970 sq. ft, and was purchased for HKD7.25 billion (~USD932 million). These two key acquisitions increased Wharf’s presence in the super-luxury Peak district, bringing their total owned land in the district to roughly 570,000 sq. ft.
In May, 73 Mount Kellett Road (RBL 588) on the Peak was reported to have become the most expensive residential property to rent when the 7,022 sq. ft. house (with a 7,000 sq. ft. garden) was leased at HKD228/sq. ft., translating to HKD1.6 million (~USD205,656) a month. This record topped that set only two months earlier by 11 Plantation Road which was leased for HKD1.35 million (~USD173,522).
Halfway through February, the residential market continued to lead the record-breaking charge as CK Asset Holdings sold Flat 1 on the 23rd floor of their 21 Borrett Road development (IL 8949) in Mid-Levels for HKD459.4 million (~USD59 million), earning the property the title of the most expensive residential unit by unit rate at HKD136,000/sq. ft. for the 3,378 sq. ft. flat, surpassing flats 12C and 12D of the Mount Nicholson Development (Mount Nicholson Road, IL 9007) which held the record since 2017 (with a HKD132,000/sq. ft. unit rate). Mount Nicholson would later regain this title in November this year as Flat D on the 16th floor sold for HKD639.7 million (~USD82.1 million), at a unit rate of HKD140,800/sq. ft. for the 4,544 sq. ft. flat.