Full Breakdown
Kerry Properties Secures Prime Residential Plot in Shau Kei Wan
2/16/2026, 10:59:20 PM
Key Details of the Acquisition
Kerry Properties, a prominent Hong Kong-based real estate developer, has successfully acquired a residential plot in Shau Kei Wan for HK$1.38 billion (approximately US$177 million). The tender attracted significant interest, with Kerry outbidding seven other competitors to secure a 50-year lease for the 1,349-square-metre (14,523 sq ft) site. The Lands Department announced the results on Monday, highlighting the competitive nature of the bidding process.
Project Specifications
The newly acquired site is projected to provide a gross floor area exceeding 130,000 square feet, which is expected to yield around 300 residential units. Calvin Tong, the director and general manager for Hong Kong at Kerry Properties, expressed satisfaction with the acquisition, noting the site's advantageous location. He emphasized its strong transport connectivity, comprehensive lifestyle amenities, and the limited supply of new residential developments in the area.
Market Context and Implications
The acquisition comes at a time when Hong Kong's housing market is recognized as one of the most unaffordable globally. The demand for residential properties remains high, driven by both local and mainland Chinese developers. This competitive bidding reflects the ongoing challenges in the housing sector, where supply struggles to meet the increasing demand.
Criticism & Opposition
Despite the positive outlook from Kerry Properties, critics point to the broader implications of such acquisitions on housing affordability in Hong Kong. The influx of capital from developers can exacerbate the existing housing crisis, making it increasingly difficult for average residents to secure affordable housing options.
Official Statements & Responses
Kerry Properties' management has publicly stated their commitment to developing the site in a manner that meets the needs of the community. Calvin Tong remarked, “We are delighted that Kerry Properties has successfully secured the site at Shau Kei Wan Main Street East,” indicating a focus on enhancing the local residential landscape.
What's Next
As Kerry Properties moves forward with the development plans for the Shau Kei Wan site, stakeholders will be closely monitoring the project's impact on the local housing market. The company is expected to outline its development timeline and community engagement strategies in the coming months.
Verbatim Quotes
- “We are delighted that Kerry Properties has successfully secured the site at Shau Kei Wan Main Street East,” — Calvin Tong, Director and General Manager for Hong Kong, Kerry Properties.
