Kowloon Tong site sells for record HK$1.63b

HONG KONG: A luxury residential site in Ede Road, Kowloon Tong, sold for HK$1.63 billion (RM653.04 million) at auction to developer Chinachem on Tuesday, Oct 12 — a record price for a residential site in Kowloon.

With an area of about 30,225 square feet and offering a gross floor area of 90,675 square feet, the site, at 3 and 5 Ede Road, sold for HK$1.63 billion. This was higher than the mean of HK$1.48 billion predicted by many analysts.

The winning bid was 55% higher than the opening price.

The price was also higher than that paid for at 1 Ede Road in Kowloon Tong, which sold for HK$1.285 billion, or HK$16,587 per square foot, on August 31.

Hong Kong's property prices have risen by 15% since the start of this year — after rising by a third last year. This was fuelled mainly by low interest rates and purchases by wealthy mainlanders facing policy-tightening measures at home. — South China Morning Post