COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Mt. Nicholson Road site may be sold for HK$10.5 billion

The building site in the Peak district may be auctioned off by the government for approximately HK$10.5 billion ($1.35 billion) amidst demand for high-end properties in Hong Kong.

Ricky Poon, a Hong Kong-based executive director of residential sales at Colliers International Ltd., said the outcome of the 28 July auction may further buoy Hong Kong’s luxury homes prices, with the government trying to curb a 38 percent surge in home prices since the beginning of 2009 with concerns housing is out of reach of ordinary residents.

The estimate for the Mt. Nicholson Road site, which has a total gross floor area of 324,861 square feet (30,180 square meters), is the median of seven analysts in a Bloomberg News survey. Their forecasts ranged from HK$8.9 billion to HK$11.5 billion, or HK$27,000 to HK$35,000 per square foot in terms of gross floor area.

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