Wharf buys residential site in Hong Kong’s Peak for US$1.5bn

Wharf buys residential site in Hong Kong's Peak for US$1.5bn

The Wharf (Holdings) Limited announced that it has acquired a site on Mansfield Road at The Peak in Hong Kong for a total of HK$12.0 billion (US$1.5 billion) through public tender.

According to the sources this the most expensive residential site sold by government tender.

”The tender for a site, Rural Building Lot No. 1211 at Nos. 2, 4, 6 and 8 Mansfield Road, the Peak, Hong Kong, has been awarded to the highest tenderer, Novel Bliss Limited (parent company: Wharf Development Limited), on a 50-year land grant at a premium of $12,000,000,000,” said also in an announcement by Hong Kong’s Land Department on Wednesday.

“The Group is one of the largest private property owners on The Peak and has many years of experience meeting the ultra high expectations of buyers and residents for these super luxury properties. The successful acquisition of the Mansfield Road site will double the Group’s Peak land bank to over 500,000 square feet,” said Stephen Ng, Chairman and Managing Director of The Wharf (Holdings) Limited.

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Wharf said the land parcel commands a total site area of about 135,000 square feet and will offer 259,000 square feet of GFA with a plot ratio of 1.92. ”This translates into an accommodation value of about HK$46,300 per square foot,” Wharf added.

Consistent with other projects in Wharf’s portfolio, the Mansfield Road project will be managed, developed and marketed by Wheelock Properties. Leveraging on its expertise and solid client database, we look forward to replicating the success of Mount
Nicholson’s records.

The Wharf (Holdings) Limited was founded in 1886 in Hong Kong.The Group’s businesses are largely property focused, comprising investment properties, Hotels and Development properties in Hong Kong and mainland China. Other businesses include logistics through modern terminals and Hong Kong air cargo terminals.