Sino Land sells St George’s Mansions penthouse for US$31 million, shows allure of Hong Kong luxury property is intact

Kadoorie Hill is also home to Hong Kong actor Andy Lau Tak-wah and Canto-pop singer Kelly Chen Wai-lam

Hong Kong luxury home prices remain resilient this year despite sharpest economic downturn ever, but transaction volumes plunge

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The interior of the 3,330-square-foot penthouse at the St George’s Mansions project in Kadoorie Hill. Photo: DBOX for Sino Land

Published: 7:00am, 15 Oct 2020Updated: 5:53pm, 20 Oct 2020

A Hong Kong buyer snapped up a luxury home in Kowloon for more than HK$71,000 (US$9,160) per square foot, the second-most expensive deal in the past three months, in yet another indication of the allure of the city’s high-end property.

The buyer, “a very rich family” paid over HK$238 million for the 3,330-square-foot penthouse with a 2,933-square-foot balcony at the St George’s Mansions project in Kadoorie Hill, according to Victor Tin, group associate director of sales at Sino Land, a joint developer of the estate.

The project, consisting of three 20-storey buildings, is surrounded by luxury villas and thick greenery. The neighbourhood is also home to Hong Kong actor Andy Lau Tak-wah and Canto-pop singer Kelly Chen Wai-lam, and is known for its association with the Kadoorie family, one of the most powerful families in Hong Kong, which developed the area in the 1930s.

“We are delighted that the project is well received by families, in particular those who have lived in the legendary neighbourhood for generations, and who hold positive outlook for the market,” said Tin, who declined to provide further details of the buyer.

Kadoorie Hill has links to the powerful Kadoorie family, which invested in land in the area in the 1930s. Photo: DBOX for Sino Land

At HK$71,471 per sq ft, it ranks among the major high-end property transactions since June, according to data from property services provider Savills. Only a luxury home at 20 Perkins Road in Jardine’s Lookout, which sold for HK$82,875 per sq ft in August, surpassed this deal.