Pearl sells Peak villa

Pearl Oriental Holdings has signed an agreement to offload a luxury detached villa on The Peak for $100 million, saying it would make a $36.2 million profit from the disposal.

The three-floor villa at 19 Watford Road has a gross floor area of about 5,000 square feet with a large courtyard and represents a rare luxury residential sale in the present depressed market.

The residence was formerly built and occupied by Woo Han-ching, the well-known 'King of Gold' - a veteran in the bullion trading business.

Last year, Pearl Oriental acquired the 18-year-old property from an independent third party for $72.8 million and later resold it to an investor for $115 million.

However, the transaction fell through due to financial problems on the part of the purchaser.

The company said the purchaser was an entrepreneur in Hong Kong who would occupy the property as his private residence.