Hong Kong property

Twin Repulse Bay town houses fetch US$127.46 million, snatching price record for south Hong Kong Island

PUBLISHED : Friday, 22 June, 2018, 9:00pm
UPDATED : Sunday, 24 June, 2018, 4:09pm

The luxury development “90 Repulse Bay Road”, overlooking one of the city’s most scenic beaches, set a record for prices on Hong Kong Island South on Friday, with two adjoining luxury town houses going for just over HK$1 billion (US$127.46 million) to separate buyers from the same family.

A buyer paid HK$508.67 million, or HK$90,286 per square foot, for a property measuring 5,634 square feet representing the No 8 unit, according to Cheung Kong Property Development, the builder of the ultra luxury project. The house boasts a 242 sq ft garden, a 941 sq ft flat roof and private lift.

Another buyer paid HK$495.95 million on Friday for a second flat, unit No 7, measuring 5,668 sq ft, or about HK$87,500 per sq ft.

“The price on a square-footage basis, set a record,” said George Sze, district director of Ricacorp Properties, referring to Hong Kong Island’s southern communities. “New quality supply of ultra luxury residential units is very limited, especially in traditional prime locations such as Clear Water Bay. It has always been a hot spot for ultra rich buyers with its ideal location.”

The area from Deep Water Bay to Repulse Bay and Chung Hom Kok is known as “Billionaires’ Row”, with Li Ka-shing, Stanley Ho Hung-sun and Joseph Lau Luen-hung among tycoons owning mansions in the area.

Market sources said that both buyers are Hong Kong residents and from the same family.

The two units were the first to be sold among the 11 flat development in the heart of Repulse Bay. Sze expects that the developer will put the remaining flats up for tender, saying the units could breach HK$100,000 on a per square footage basis.

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“90 Repulse Bay Road’s ocean view is great, and the price of such luxury flats will only be more expensive,” Sammy Po, chief executive of Midland Realty. “The sale will stimulate property transactions in Repulse Bay and we will see an increase of home prices in the neighbourhood.”

The city’s luxury houses are sought after by high net worth individuals, both local and from the mainland.

On June 21, a unit at Chinachem Group’s Parc Inverness in Kowloon Tong sold for HK$296.3 million, or HK$67,648 per sq ft. The unit is 4,380 sq ft with a 2,309 sq ft garden and 1,177 sq ft flat roof.

Market sources said that the buyer is from the mainland, and is expected to pay a tax of as high as HK$90 million.

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“The luxury residential property market is quite active as buyers believe that the city’s property market will remain bullish,” said Thomas Lam, head of valuation and consultancy at Knight Frank.

In 2015, a 5,154 sq ft unit at SCape in Chung Hom Kok, between Repulse Bay and Stanley, sold for HK$450 million, or HK$87,311 per sq ft.