Thaksin's daughter buys house for HK$45m

PUBLISHED : Saturday, 06 December, 2008, 12:00am
UPDATED : Saturday, 06 December, 2008, 12:00am

The youngest daughter of former Thai prime minister Thaksin Shinawatra bought a luxury home in Ho Man Tin for HK$45 million last month, according to transaction information at the Land Registry.

Records show Paetongtarn Shinawatra bought house No19 at King's Park Hill in Ho Man Tin for HK$13,583 per square foot. The three-storey home has a total gross area of 3,313 sq ft.

The price is 20.78 per cent lower than the previous transaction in the estate. House No16 at King's Park Hill sold for HK$56.8 million in April. King's Park Hill was completed in 2000 and is one of the major luxury residential projects in Kowloon. It comprises 42 houses and 86 flats.

This is the first property acquisition in Hong Kong by Thaksin's family, which has often visited in the past few years.

The British government cancelled the visas of Mr Thaksin and his wife Pojaman Shinawatra last month after he was sentenced in absentia to two years' jail for a conflict of interest after helping his wife buy state-owned land in Thailand while he was prime minister.

Mr Thaksin and his wife were divorced last month at the Thai consulate in Hong Kong.

According to the Nation, an English-language newspaper in Thailand, a source from Mr Thaksin's People Power Party said Mr Thaksin was building a 300 million baht (HK$66.5 million) mansion on the mainland.

Koh Keng Shing, managing director of Landscope Surveyors and Landscope Realty, said rich people in Asia liked to buy property to diversify their investments. 'They are concerned about the legal protection, liquidity and the rental markets of the cities,' he said, adding that in Asia only Tokyo, Hong Kong and Singapore could meet these requirements.

However, the property market in Tokyo lacked transparency and the secondary market of Singapore was not active, he said.

'Only Hong Kong can satisfy the above requirements.' He expects luxury house prices in Kowloon to drop 15 to 20 per cent next year.