S E A Group success acquisition of prime Jardine’s Lookout site

2022-06-06

 (6 June 2022, Hong Kong) Prominent international real estate firm Savills announced the completion of transaction of Loong Fung Terrace, a building under the Civil Servants' Co-operative Building Society (CBS) Scheme situated at 89-93 Tai Hang Road on Jardine’s Lookout, for SEA Group (Stock Code: 251). The total acquisition cost (including land premium) amounts to around HK$627 million, or HK$28,000 per square foot. Savills has assisted SEA Group since mid-2021 in the acquisition and for the optimal use of land resources in urban area of Hong Kong Island.

The Property sits on a site of 11,000 square feet in area and consists of a 5-storey civil servants' CBS residential building, where the building entrance and playground are on the ground floor while domestic units are located from the ground floor to the fourth floor. Obtaining an occupation permit in 1959, the Property has a maximum plot ratio of 2 giving rise to a maximum gross area of 22,000 square feet spread across 6 storeys including carports.

SEA Group has been actively involved in super luxury residential projects in traditionally prestigious areas. The group owns the No.1 Shouson Hill Road East, Deep Water Bay development and has just acquired a luxury residential site on South Bay Road in Repulse Bay for a record price per square foot early this year. It has also been involved in the development of Grand Victoria on the Kowloon harbourfront in a partnership with three major developers. The acquisition of Loong Fung Terrace on Jardine's Lookout will pave the way for the development of supreme luxury residential projects in the area.

Peter Yuen, Managing Director and Head of Investment & Sales of Savills Hong Kong, who led the deal, commented: "This is the second property sold by Savills in the Tai Hang Road area after our successful disposal of 341-343 Tai Hang Road last year. Situated on a rare residential lot on Jardine's Lookout, a prestigious location for the rich and famous to set up homes, the Property enjoys good prospects and thus the attention of developers."

Tommy Chan, Senior Director of Investment & Sales of Savills, commented, "This is the third transaction of CBS residential projects closed by Savills in recent years, thanks to a change in government policy in land premium that facilitates the disposal of aged CBS residential properties, which have often been bound by restrictions in sales by their lease. The successful transaction of CBS properties such as Loong Fung Terrace by Savills demonstrated the possibility to turn aged buildings into valuable land resources in urban areas and benefit residents/owners of the buildings as well."