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, according to Kerry.“We are delighted that Kerry Properties has successfully secured the site at Shau Kei Wan Main Street East,” said Calvin Tong, director and general manager for Hong Kong at Kerry Properties.13:00How Hong Kong's housing market became among the world’s most unaffordableHow Hong Kong's housing market became among the world’s most unaffordableThe site benefits from strong transport connectivity, comprehensive lifestyle facilities and a limited supply of new residential developments in the area, he added.