4 July 2016 - Hong Kong is well known for its steep property prices, consistently ranking as one of the most expensive places to live in the world. Of course, within a city overwhelmed by high property prices, there are certain properties that inevitably rise above the rest. The playgrounds and domiciles of billionaires, these residences stand firmly above the rest with their shared virtues of a prestigious address on the Peak and their astronomical price tags. The list itself is an evolving one, nudged into an upward incline by the unseen forces of speculation and inflation. With a new record breaker set earlier this month, we have compiled an updated list of Hong Kong’s 5 most expensive residential property transactions as below:
No. 5: 3 Gough Hill Road, The Peak
Sold by Peter Law Kin Sang for HK$650 million in 2013, the first entry on the list starts off well into the hundred millions. Mr. Law is both a garment exporter and the owner of multiple race horses. He has owned 12 horses over the years.
No. 4: House 8, 28 Barker Road, The Peak
In 2013, this property was sold for HK$740 million to Chinese lawyer, Raymond Li. Designed by LWK & Partners, the unit is part of a 7 house development. These houses were purportedly designed with an almost oxymoronic combination of neo-classical and minimalistic styles. Perhaps we can attribute its price tag to its bold statement in design in conjunction with its “commanding view [over] Central and Victoria Harbor”.
No. 3: Skyhigh, 10-18 Pollock’s Path, The Peak
This is the last property on this list whose price is firmly rooted within the range of hundreds of millions. Sold in 2011 to an undisclosed buyer for HK$800 million, this house was formerly owned by movie-maker and comedian, Stephen Chow. Chow was also reportedly involved with the development process of this house, a factor that may have potentially contributed to the property’s incredible price.
No. 2: 22 Barker Road, The Peak
Widely rumoured to have been sold to the Founder of Alibaba, Jack Ma, for HK$1.5 billion in 2015, the 9,890 sq.ft property with 20,000 sq.ft garden was actually purchased by Zhang Songqiao, a property magnate from Chongqing. Built in 1949, the house was renovated by the late Karl Shiu Ka Leung and his company KLS Planners in the early 2000s. The renewal of the property was considered by Mr. Shiu’s son to be his magnum opus, with the project itself covering a span of 2-3 years and involving the import of building materials and tailor-made furniture from overseas.
No. 1: 15 Gough Hill Road, The Peak
Sold for a price of HK$2.1 billion earlier this month to tycoon Cheng Hongtian, with a fortune valued at HK$18.9 billion, this sale sets a new record that leaves the runner up coughing in the dust. The tycoon does not intend to flip this property further down the line, instead designating it as his new long-term abode, deeming his old 5,154 sq.ft home at Opus Hong Kong in the Mid-Levels “too tiny” for his family.
And there you have it, Hong Kong’s top 5 highest residential property transactions. The numbers represent unimaginable amounts of wealth for most of us, but in the eyes of these particular individuals, is a price well paid. Stay tuned for the next record breaker!