After years, Macau firm opts out of Hong Kong renewal project, seeks US$153m for site

Sale of North Point site that owner spent years assembling highlights challenges of making urban redevelopment pay, even in improving market

A North Point redevelopment site is being put on the market for HK$1.2 billion (US$153 million) after its owner, which spent years assembling the ageing property, warned that redeveloping it could result in losses of as much as 30 per cent.

The sale offers a rare glimpse into the difficulties facing private developers in Hong Kong’s urban-renewal drive, where lengthy acquisition periods, financing costs and uncertain returns can undermine projects even as the residential market recovers.

Cushman & Wakefield was appointed to market the 7,680 sq ft site at 77-87 Marble Road, which can be redeveloped for residential, commercial, hotel or student accommodation purposes, according to its statement on Tuesday. Interested parties are invited to submit expressions of interest by September 28.

The site’s current owner was a consortium led by Excellent Group, according to Land Registry records. Companies Registry records listed Lo Shing-chung as a director, and he is identified as the founder of Macau developer Excellent Group.

The North Point project was the group’s first major development venture in Hong Kong after it entered the market in 2018. Excellent Group did not respond to a request for comment.

The consortium spent years acquiring units in the three-block, 61-year-old property before obtaining a compulsory-sale order in July 2025. It won the site at the HK$600 million reserve price after no competing bidder emerged.

Market sources said the consortium had spent more than HK$800 million acquiring units, with years of financing costs adding further to its cost base. They described the HK$1.2 billion asking price as merely “covering the cost”.