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Weekend Property

Jardine’s Lookout remains magnet for wealthy mainlanders

Couture Homes reveals plans for luxury Perkins Road development offering 16 residences, including a penthouse duplex apartment with private pool and outdoor space

PUBLISHED : Friday, 08 September, 2017, 10:12am
UPDATED : Friday, 08 September, 2017, 4:39pm

Luxury home prices in Hong Kong Island have risen unchecked for the past three years or so. The same is also true for Jardine’s Lookout, which is home to some of the most expensive luxury properties in the city.

In June, luxury residential prices across Happy Valley and Jardine’s Lookout gained 7 per cent year-on-year, according to property consultant Knight Frank.

The demand has come from across the border in recent months with mainland tycoons leading the charge, estate agents say.

In the most recent deal, Chevalier International announced in late August that it had sold a house with 9,500 sq ft of gross floor area to Miyakawa Michiko, wife of Chow Yei-ching, the controlling shareholder of the company, for HK$610 million through the transfer of company shares.

In January, a home that occupies 11 and 12 Henderson Road sold for what is believed to be about HK$1 billion to a developer who is expected to redevelop it into a luxurious development.

The adjoining sites measure 10,149 sq ft and 10,496 sq ft, respectively, and can be redeveloped to accommodate about 6,089 sq ft and 6,298 sq ft of gross floor area. The price translates into HK$82,100 and HK$79,400 per sq ft, respectively, in terms of accommodation value based on the buildable floor area permitted on both sites.

“As a traditional luxury residential area, the supply of luxury houses in Jardine’s Lookout has always been limited,” says Angel Law, head of residential department at Cushman & Wakefield. “Whenever a luxury house goes on the market, it usually gets snapped up quickly,thanks to the neighbourhood’s reputation as the home of the city’s movers and shakers. While the location offers much privacy, it also enjoys excellent access to Central and Causeway Bay, and is within each reach of major shopping centres, such as Lee Gardens and Hysan Place.”

Whenever a luxury house goes on the market, it usually gets snapped up quickly,thanks to the neighbourhood’s reputation as the home of the city’s movers and shakers

The bosses of CC Land and Yuzhou Properties are reputed to be among those superrich mainlanders who have snapped up luxury houses in the area, in addition to local tycoons who are not afraid to splurge on big-ticket homes.

Last year, a 5,809 sq ft house at 6 Goldsmith Road, previously owned by the Canadian consulate, was sold to Derby Developments for HK$505 million, according to Land Registry records.

Derby Developments’ directors include Ching Tak-wai, vice-president of MGM Resorts International; Pansy Ho, managing director of Shun Tak Holdings and daughter of casino magnate Stanley Ho Hung-sun.

In 2015, Cheung Chung-kiu, chairman of CC Land, reportedly purchased a superluxury home at 1 Purves Road for about HK$760 million, which equates to HK$96,729 for a square foot, from Chen Zhuo-lin, chairman of Agile Property.

Cheung is believed to have snapped up another landed house of 4,604 sq ft at 81 Perkins Road for HK$550 million this year. The lot covers about 9,185 sq ft and has a buildable floor area of 5,511 sq ft. The unit price achieved was HK$99,800 based on the maximum buildable floor area.

In 2014, Lam Lung-on, chairman and executive director of Yuzhou Properties, bought a two-storey 8,579 sq ft house with about 4,000 sq ft of outdoor space at 5 Henderson Road for HK$530 million.

One year later, the Buildings Department approved an application for the old property to be developed into a new house of about 9,415 sq ft.

Hong Kong property tycoon Joseph Lau Luen-hung has been a major landlord in Jardine’s Lookout for a long time, owning a portfolio of landed properties on Perkins Road and Goldsmith Road.

Cushman Wakefield is the sole agent of a detached house with 1,378 sq ft of saleable floor area, which has a landscaped garden, rooftop and carport.

Agents say there are a few luxury houses for sale on Perkins Road, including a stunning two-storey, 5,466 sq ft detached house that occupies a 10,000 sq ft single lot.

Couture Homes, the residential arm of CSI Properties, says it has plans to launch a luxury development at Perkins Road it will co-develop with the British-based Grosvenor and local developer Asia Standard in the first half of next year.

The Perkins Road development will offer 16 residences, which range in saleable floor area from 3,000 sq ft to 8,000 sq ft, including a penthouse duplex apartment with private pool and outdoor space.