30 July 2015 - After much controversy surrounding its previously proposed sale and an attempt to conserve it as a Grade 1 heritage site, Ho Tung Gardens was sold in February this year for a sum of HKD5.1 billion. At HKD82,258 per sq.ft of buildable area, this marks the most expensive residential plot sold by private tender in Hong Kong.
The sale also shone the global spotlight on the property, with the deal placing Peak Road atop the list of ‘The World's Top 10 Most Exclusive Streets’ in survey results recently released by Billionaire.com - notably above Upper Fifth Avenue in the United States and Knightsbridge in London.
Ho Tung Garden, also known as ‘Hiu Kok Yuen', is located at 75 Peak Road on Hong Kong’s prestigious Victoria Peak. It was built in 1927 by Sir Robert Ho Tung, the city’s then wealthiest tycoon and the first non-European to be granted permission to build a home on The Peak. The government tried but failed to reach a satisfactory arrangement to preserve the site as a historic monument, with the property’s former owner – Ho’s granddaughter, Ho Min Kwan – arguing that it did not merit the historical status due to her grandfather not having have lived there and significant alterations having been made, with much damage being caused during WWII.
The new buyer is alleged to be Cheung Chung Kiu, Chairman of C C Land Holdings Ltd. The 120,000 sq.ft site is expected to be redeveloped, and as per Cap 117 Part IIIA Division 5 of the Stamp Duty Ordinance, will grant the buyer a refund of HKD980 million in stamp duty should the redevelopment go ahead.
