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Wharf (Holdings) breaks own record set less than two months ago for residential plot on The Peak

  • A consortium led by a subsidiary of The Wharf (Holdings) outbid four rivals to win a second parcel on The Peak for US$935.2 million
  • At HK$50,010 per square foot, it is 8 per cent higher than the HK$46,272 per sq ft Wharf Development paid for the adjacent site on The Peak

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The government-owned Quarters Premises on Mansfield Road, The Peak. Photo: Winson Wong
Sandy LiandPearl Liu
A consortium led by a subsidiary of The Wharf (Holdings) outbid four rivals to win a second parcel on The Peak for HK$7.25 billion (US$935.2 million), smashing a record it set less than two months ago and enlarging its land holdings in Hong Kong’s most exclusive housing enclave.
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The Lands Department on Tuesday awarded the site on 9 and 11 Mansfield Road, which could yield a total gross floor area of 144,970 sq ft, to Active Pursuit comprising some of the city’s richest real estate tycoons.

The consortium includes Wharf Development, a wholly-owned subsidiary of The Wharf (Holdings) controlled by the family of Hong Kong billionaire Peter Woo Kwong-ching; Boswell Holdings, controlled by Sino Land chairman Robert Ng Chee Siong; Cheung Chung-kiu, owner of the historic Ho Tung Gardens on The Peak; Chan Hoi Wan, wife of property tycoon Joseph Lau Luen-hung and his brother Thomas Lau.

At HK$50,010 per square foot, it was 8 per cent higher than the HK$46,272 per sq ft Wharf Development paid for the adjacent site at the 2, 4, 6 and 8 Mansfield site on December 23, a record for a Hong Kong residential site sold by government tender in terms of square footage.

Last September, the government announced it would divide the site at 2, 4, 6, 8, 9 and 11 Mansfield into two plots after it failed to sell it by tender in 2018.

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Wharf defeated some of Hong Kong biggest developers including CK Asset Holdings, Sun Hung Kai Properties, Henderson Land Development and K Wah International Holdings to win the site, which hosted the former Quarters Premises, where some of Hong Kong’s civil servants were housed.

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