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News from Knight Frank Hong Kong

First Group acquired No 74 Repulse Bay Road property

07 April 2014

No 74 Repulse Bay Road, Hong Kong, was put up for sale by public tender via exclusive agent, international property consultancy, Knight Frank. The tender was closed last Monday, 31 March 2014. Given a residential site shortage in the South Side, the property attracted a number of mid-scale developers’ and investors’ participation in the bidding. The property was snapped by First Group Holdings Limited for HK$350 million, with approx HK$25,700 per square foot.

Joe Fok, Director of First Group, says the bid price for No 74 Repulse Bay was reasonable. Enjoying sea views and magnificent views of the Repulse Bay, the individual lot property is extremely rare in the market. The Group is going to redevelop the site into a luxury house, which will take 3 to 4 years. In late 2012, First Group purchased its first residential property, No 9 Tat Chee Avenue, for developing into a luxury house of nearly 12,000 square feet. No 74 Repulse Bay will be the second luxury property to be developed by the Group.

Henry Lam, Executive Director and Head of Investment at Knight Frank, comments, “The bid price is reasonable and reflects the market price. There is a shortage of luxury properties in excellent locations. For instance, the sale of both Shouson Peak and No 28 Barker Road received very good responses recently with the unit price of the latter exceeding HK$100,000 per saleable square foot, proving that the demand of luxury properties remain strong.”