Quarry Bay residential land site sells for approximately HK$5 billion

A large residential land site in Quarry Bay, Hong Kong, has been sold for approximately HK$4.5 billion to HK$5 billion. The site, located at 992-998 King's Road and 2-16 Park Drive, covers over 48,000 square feet and is expected to be acquired by a major developer to create luxury landmark residences.

The property, formerly a civil servants' cooperative dormitory, has a complex ownership history. Agile Group spent approximately HK$3.3 billion to consolidate ownership through various acquisitions and a landmark forced sale in 2020. Following debt pressures, the project was placed under receivership. Creditors subsequently took over the site for HK$1.2 billion before its recent high-value resale.

The development plan, approved by the Town Planning Board in 2020, allows for the construction of two towers between 28 and 35 stories high, with a total gross floor area of approximately 448,000 square feet. The project is expected to provide around 592 residential units along with clubhouses and kindergarten facilities.