Kerry Properties Wins Ho Man Tin Residential Site for HK$4.31 Billion

Kerry Properties has won a residential land site in Homantin, Kowloon, for HK$4.31 billion, according to JLL, in a sale that recorded the highest accommodation value (A.V.) for a Kowloon site since October 2021. The parcel, Kowloon Inland Lot No. 11301 at Fat Kwong Street in Ho Man Tin, sold for HK$4.308 billion.

Kerry Properties Site Details

The purchaser was Asia Insight Investments Ltd., a Kerry Properties subsidiary. The site covers approximately 5,170 square metres, or about 55,600 square feet, and is designated for private residential development under a 50-year land grant.

The maximum gross floor area is about 207,700 square feet. The development is expected to yield about 250 residential units, primarily medium- to large-sized homes. Two residential towers of roughly 25 storeys each, along with clubhouse and parking facilities, are planned. Completion is required by early 2032.

The buyer must also construct a neighbourhood elderly-centre sub-base and an integrated mental-wellness community-centre sub-base. The floor area for these government facilities is excluded from the stated residential gross floor area.

Price Compared With Market Expectations

The winning bid equates to roughly HK$20,738 per square foot of maximum gross floor area. JLL said the acquisition price is around 54% above the upper end of market expectations of HK$9,000 to HK$13,500 per square foot. Pre-tender valuation estimates ranged from about HK$1.87 billion to HK$2.81 billion.

The government tender drew 10 bids, including submissions from Kerry Properties, Chinachem, Wheelock, Sun Hung Kai Properties and a joint venture of Sino Land and Great Eagle. The site was the sole residential parcel in Hong Kong's 2026-27 government land-sale program.

Expected Pricing of Future Units

JLL said that, taking into account anticipated construction and financing costs and the developer's profit, the pricing of future units is expected to be in the range of HK$38,000 to HK$48,000 per square foot on a saleable area basis. A UBS estimate placed the approximate break-even level at HK$39,000 per square foot, assuming an 85% utilization rate.

Kerry Properties' Expansion in Ho Man Tin

The acquisition builds on Kerry Properties' earlier purchase of the nearby KIL 11227 site on Sheung Shing Street, now developed as Mantin Heights. JLL describes Mantin Heights as the area's largest private residential estate by unit count. JLL said the new purchase underscores the company's expansion and confidence in the area.

The Homantin site is also Kerry Properties' second successful residential land bid in 2026. In February, the company acquired SIL 860 at Shau Kei Wan Main Street East for HK$1.38 billion.

Market Implications

The transaction shows continued competition among Hong Kong developers for scarce urban residential land. With roughly 250 units planned on a maximum gross floor area of about 207,700 square feet, project economics will depend on sales prices well above the land-cost benchmark, and the early-2032 completion deadline leaves several years to time construction and sales.

Sources

JLL, "Kerry Properties wins a Homantin site for HKD4.31 billion," October 9, 2026: https://www.jll.com/en-hk/insights/kerry-properties-wins-a-homantin-site-for-hkd4-31-billion