Wheelock Properties - Victoria Road Land
Wheelock Properties 1.72 billion won the bid to build 600 units
6 July 2023
Covering an area of about 24,300 square feet, the current Victoria Road land was used for the Kennedy Town bus terminus facilities and other facilities. It can be used for pure residential or commercial and residential development. If it is purely residential, the total floor area is about 243,300 square feet. Five or six developers entered the bid, and Wheelock Properties finally won the bid at RMB 17.2, with a floor price of HK$7,070 per square foot. Chairman of Wheelock Properties Leung Chi Kin expressed his pleasure at winning the land. He believed that the project is a unique piece of land with sea view on Hong Kong Island. The group has experience in residential development in the surrounding area i.e. 60 Victoria Road, which is conducive to developing the new project into a landmark housing estate in the west. Huang Guangyao, the real estate manager and executive director, said that the initial plan is to build about 500 to 600 units, mainly to provide small and medium-sized units with one to two rooms. The total development cost per square foot of the Victoria Road site, including the land price and the construction fee, exceeds HK$16,000 psf. The price per square foot of residential units can have the potential to rise to more than HK$25,000 psf in the future.
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