- What Duck Island and nearby properties in Metro Vancouver are looking to fetch $155m
- Why Lenders are looking to recoup at least $100m, according to court documents
- What next The properties have been ordered for sale by the B.C. Supreme Court
A 20-acre parcel of land in Metro Vancouver is up for grabs under a court-ordered sale with an asking price of $155m, Green Street News can reveal.
Duck Island and adjacent properties are billed as a waterfront development site in Richmond’s city centre. Colliers has been tapped to market the property.
The property, now under foreclosure, is owned by Sanhurgon Investment and affiliates, which defaulted on its debt, according to court documents. Among other petitions, lenders Lanyard Investments and Fisgard Capital are seeking to recoup $91m. A new petition to the court was submitted on Nov. 29 on behalf of Wen Ying Guo, Yang Zhao and Modern Doors seeking $10.8m.
According to the filings, the property was assessed at $189m in 2022. Home to the popular Richmond Night Market, the property comprises five parcels of adjacent land, with Duck Island taking up the majority of the offering at 18.4 acres.
The property has access to the Canada Line, Vancouver International Airport and Kwantlen Polytechnic University. It is about 19 km south of downtown Vancouver.
Duck Island is one of the largest court-ordered sales in Vancouver this year, which has seen a wave of such listings amid sliding land values and rising construction costs.
Sanhurgon had planned to turn the property into a major redevelopment including a hotel, retail space, office space and an entertainment zone called Jingon International Plaza. The estimated cost for the development was $2bn.
