Idle Hong Kong seafront site gets new lease of life from private equity firm MBK Partners
A mixed-use development focusing on culture and tourism alongside a residential project is being proposed for the Quarry Bay site
The current owner, Marine Riches, majority owned by Seoul-based private equity group MBK Partners, had applied to amend plans for the site to the Town Planning Board – a move that came amid signs of recovery in Hong Kong’s retail sector and property market.
The seafront site, comprising two plots totalling 91,838 sq ft on Hoi Yu Street, has undergone multiple planning revisions since the early 2000s. The plots were acquired for HK$1 billion (US$128 million) in June 2024, according to Land Registry records.
The plots were originally approved as industrial lots in 2001, with the first landlord, Fine Tower Associates – an entity connected to Pacific Concord Holdings – securing approval to construct a 25-storey industrial building, according to official records.