Actress asks HK$320m for home
Hong Kong actress Rosamund Kwan Chi-lam has put her Island South home up for sale at an asking price of HK$320 million.
Kwan, who made her acting debut in the ATV soap opera Agency 24 and went on to make more than 70 films, has appointed Colliers International and Hong Kong Sotheby's International Realty to sell house 2 at 16A South Bay Road in Repulse Bay.
If she gets her asking price she is expected to generate a gross profit of HK$206.2 million. The Lands Registry shows she bought the house for HK$113.8 million in 2007. With the sharp increase in property prices over the last few years, the value of the house has almost tripled.
The house commands a view over Repulse Bay and has a floor area of 4,675 sq ft. Together with a garden and garage it occupies a total area of more than 6,000 sq ft and the estate in which it is located - 16A South Bay Road - includes recreational facilities such as an indoor swimming pool, a sauna and a gymnasium.
House prices in Hong Kong jumped 93.7 per cent between the fourth quarter of 2006 and the fourth quarter of last year, according to surveyors firm Knight Frank. The increase was the second highest in the world after Beijing and Shanghai, where prices rose 110.9 per cent during the same period.
Knight Frank said stable economic growth and low interest rates in Asian cities and emerging regions have attracted funds and overseas buyers looking for growth opportunities and better returns, amid a fragile recovery in the United States and the ongoing debt crisis in the euro zone.
Despite policy measures to curb property demand and price rises, Hong Kong property sales and prices have begun to rebound. Data from the Lands Registry and Midland Realty show 101 houses worth more than HK$10 million were sold from March 1-20.
Buggle Lau, chief analyst at Midland, said those big-ticket deals were up from just 16 such transactions in February. 'It is also the highest level since June last year.'
The fall in sales of luxury homes in Hong Kong worth HK$12 million or above last year to 5,828 deals, compared with 6,975 in 2010