Hong Kong’s property market on Monday logged HK$740 million (US$94.9 million) worth of luxury home deals, one of the city’s largest single-day hauls, as the residential segment shakes off a multi-year slump.
Records from the Land Registry showed that five upscale homes – from areas such as Mid-Levels, Wan Chai and Sai Kung – changed hands in deals valued between HK$93 million and HK$238 million.
The flurry of luxury home deals comes amid a recovery in Hong Kong’s residential property segment, as affluent homebuyers and investors aggressively snapped up trophy assets.
Recent deals were viewed as a signal that the number of attractively priced luxury homes could be dwindling, which led to a rush in deals being completed, according to Ricacorp Properties.
“The supply of ultra-luxury properties in Hong Kong is structurally extremely limited to begin with,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties. “Few new prime locations or rare properties are launched each year, and many high-quality older buildings are being held for the long term.”
As of November, the prices of homes with areas of at least 1,076 sq ft rose by about 1.35 per cent compared with the end of 2024, according to official data. That was still lower by about 20 per cent from their peak in October 2021.
“With property prices significantly down from historical highs, mainland capital has been strongly drawn back,” Chan said. “Buyers are concerned that the window for acquiring ‘good-quality properties’ is closing. Prices have already stabilised and are starting to rise, and delaying a purchase would only make it more expensive later.”
A view of the High Peak development on No 23 Po Shan Road in Mid-Levels West.
The largest among Monday’s transactions involved a house at Wan Chai’s Black’s Link, with a saleable area of 5,104 sq ft, estimated at HK$46,630 per square foot.
The property features terraces, a swimming pool, car ports as well as guest car parks, according to official records. The deal also included the surrounding land.
The buyer was identified as an entity named New Eden Capital, which shelled out HK$190.5 million more than the HK$47.5 million paid by previous owner Eastern Will Investment in 1999.
In Mid-Levels, a four-room, 3,699 sq ft unit at the High Peak development on No 23 Po Shan Road went for HK$162.63 million, or HK$43,972 per square foot, according to official data and information from agents. The buyer registered the property under a Chinese name, which reads as Wu Shibin, a director of Zheng Ao Industrial, government documents showed.
Another big-ticket transaction involved a HK$138.42 million, four-bedroom flat at the 21 Borrett Road project in Mid-Levels. The property, which has a 2,256 sq ft saleable area, which translated to HK$61,353 per square foot, made it the most expensive among the deals in terms of per square foot price. The buyer was an entity called LFT Asset Management, according to Land Registry records.
A house with a saleable area of 3,878 sq ft at Turtle Cove in Tai Tam, in the affluent Southern district, went for HK$108 million. The buyer was identified as Vitality Holdings Limited. The property – with a terrace, patio and a service yard – was bought for HK$49.5 million in 1998 by Welltop Limited.
Meanwhile, a three-bedroom flat at the Estoril Court in Mid-Levels, with a 2,888 sq ft saleable area, was bought for HK$31,233 per square foot, which made it the fifth most expensive luxury home deal on Monday. The joint buyers paid HK$92.8 million for the unit, records showed. The previous owners acquired the property for HK$32.98 million in 2006.
Source: South China Morning Post (SCMP)
