An unnamed foreign investment fund has agreed to pay more than $900 million to acquire Block 15 of Hong Kong Parkview in Tai Tam from the family of Hong Kong Parkview Group chairman George Wong Kin-wah, according to sources.
It is believed to be the largest single transaction for luxury property committed this year.
Located at 88 Tai Tam Reservoir Road, Hong Kong Parkview is one of the most prestigeous luxury developments in the city and is being built jointly by the Hong Kong Parkview Group and its major shareholder, the Wong family from Taiwan.
Most of the flats in this project have been sold on a strata-title basis, but the Wong family has retained three blocks for lease.
Block 15, with more than 100,000 square feet of floor area, is one of the best blocks in the development, with full sea-views.
Agents said the transaction price was reasonable as the average price of more than $9,000 per square foot, and was a little higher than the second-hand price for the adjacent Block 14, which went for more than $8,000 per square foot but had a lesser view.