Kerry Group won the auction for a luxury residential land parcel on Fo Guang Street, Yuen Long, on 6 November 2026. The winning bid was HK$4.308 billion, giving a floor‑area price of HK$20,700 per square foot. This price was about 38 % above the market estimate and set a new five‑year record for the area. The Land Registry released the other bids anonymously. They ranged from HK$2.223 billion to HK$3.225 billion, corresponding to floor‑area prices between HK$10,702 and HK$15,524 per square foot. The second‑highest bid of HK$3.225 billion was 25.1 % lower than the winning bid, at HK$10,702 per square foot. The parcel, Kowloon internal plot number 11301, is adjacent to the luxury residential development Tian Zhu. It covers approximately 55,600 square feet of land and allows a potential gross floor area of about 207,700 square feet, which is expected to provide roughly 250 residential units. The sale conditions also require the construction of a senior neighbour centre and a mental health community centre, which are exempt from the gross floor‑area calculation.
Article source: Sing Tao Electronic Daily | Image credit: Sing Tao Electronic Daily