Hong Kong’s Kerry Properties secures Shau Kei Wan residential plot for US$177 million

Hong Kong-based Kerry Properties has won a tender for a residential plot in Shau Kei Wan for HK$1.38 billion (US$177 million), which drew heavy bidding interest from both mainland Chinese and local developers. Kerry beat seven other bidders for a 50-year grant for the 1,349-square-metre (14,523 sq ft) parcel in the Eastern district, the Lands Department said on Monday. The plot was expected to provide a total gross floor area of over 130,000 sq ft, yielding around 300 residential units,...

By Cheryl Arcibal