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Hong Kong May FetchRecord Price for Land in Luxury District at AuctionBy Kelvin Wong -
Jun 8, 2011 6:19 AM GMT+0800
Hong Kong’s government may set a record tomorrow when it auctions a residential piece ofland in one of the most luxurious neighborhoods even as gains in home pricesand transactions slow with rising mortgage rates.
The site on Borrett Road, about a 10-minutedrive from the Central business district, may fetch HK$13 billion ($1.7billion), or HK$30,000 a square foot, according to the median estimate offive surveyors and analysts polled by Bloomberg News. Sino Land Co. paidHK$11.8 billion for a site in eastern Hong Kong Islandnear the peak of the 1997 bubble, the highest price at a government land auction.
Property transactions fell for a fifth straight month in May while overall home price growth is slowing after lenders accelerated mortgage rate increases in April asliquidity dried up. Developers may bid for the site as they expect demand toremain high for luxury homes, of which about a third were purchased by buyers from other Chinese cities last year.
“There isplenty of demand for luxury housing out there,” said Joseph Tsang, HongKong-based managing director at Jones Lang LaSalle Inc. “The impact of theinterest rate increases is more on buyers with tighter budgets and they are also likely to be temporary.”
Sun Hung Kai Properties Ltd. (16), the city’s biggest builder,paid HK$4.49 billion for a site on Stubbs  Road near Borret Road in the last government auction on May 12. That price was equivalent to HK$24,829 per square foot and was in-line with theHK$4.4 billion estimate compiled by Bloomberg News.
The Borret Road site,with a buildable area of 435,000 square feet, may fetch a higher per-square-foot price than the Stubbs Roadlocation because it’s closer to Central,according to James Cheung, a surveyor at Centaline Property AgencyLtd., the city’s biggest privately held realtor. Cheung said he expects a bid of HK$15.2 billion, the survey’s highest.The price and size of the site in the Mid-Levels district may limit bidding to “a fewmega-size players” including Sun Hung Kai and
Cheung Kong(Holdings) Ltd., the developer controlled by Li Ka-shing, Hong Kong’s richest man, said Ringo Lam, adirector in the valuation department at AG Wilkinson & Associates in Hong Kong.
“There are probably very few developers with the resources to invest in a projectof this scale,”said Lam, who estimates the site to fetch HK$11 billion, the bottom of the range. “We may see some middle players forming a consortium.” At this week’s auction, the third in the current fiscal year, the government will alsosell a 65,400-square-foot plot in the city’s northern Yuen Longdistrict. That siteis expected to sell for HK$200million, according to the Bloomberg News survey, with estimates ranging from HK$130 million to HK$220 million. Home prices may fall as much as 30 percent between 2012 and 2013 on rising mortgage rates, Barclays Capital analyst Andrew Lawrence said in an April 4 report.The government in November increased property transaction taxes and pledged toboost land supply amid public protests that housing prices, which have surged about 70 percent since early 2009, are becoming unaffordable. The centralbank also warned about the risk of a “credit-fueled property bubble.” HongKong’s bank borrowing rates will rise on loan demand and capital outflows when the U.S. increases borrowing costs, Hong Kong Monetary Authority head
Norman Chansaid on April 28. The number of units that changed hands last month declined 12 percent from a year earlier to 9,681, according to Land Registry figures.