Hong Kong’s luxury property market is buzzing as buyers see no deterrent in hefty stamp duties, security law controversy
- Little known Phoenix Technology and Times Square Overseas buy two villas in Kowloon Tong amid city’s economic woes
- Latest purchases likely rank among the five highest amount of property stamp duty in Hong Kong
Phoenix Technology International Limited bought a 5,148 square feet villa at Mont Rouge in Kowloon Tong for HK$370 million (US$47.7 million) from builder Kerry Properties, according to a Land Registry filing on June 12. Times Square Overseas Company paid HK$350 million for another lot in the same development.
“This company is willing to pay such a large property tax, which may indicate it has special interest such as favourable feng shui,” said Thomas Lam, executive director of Knight Frank. “This deal also shows the richest still have confidence in ultra-luxury homes in Hong Kong.
Phoenix Technology could not be immediately reached for comment. Little is known of the company, whose director is listed as Jacqueline Cressot, a French passport holder.
The buyer paid HK$71,873 per square foot for the property known as Villa 2 at 9, Lung Kui Road in Beacon Hill. It includes a 1,901 sq ft garden and a 966 sq ft roof top and comes with furniture and fittings, based separate filing at the Sales of First-hand Residential Properties Authority. Times Square Overseas paid HK$68,253 psf for its unit known as Villa 3.