Historic villa in Hong Kong’s Pok Fu Lam acquired by PAG CEO Gradel for US$70 million

19,500 sq ft property with open seaviews and a garden at No. 50 and No. 52 Sassoon Road can be redeveloped into two mansions with a total floor area of 14,625 sq ft, Colliers says

Gradel paid a stamp duty of 4.25 per cent, which suggests he is a first-time homebuyer in the city

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Villa Ellenbud is located in a cul-de-sac of the wealthy and famous – at the start of Sassoon Road is Stone Manor, the residence of the late Hong Kong tycoon and philanthropist Henry Fok. Photo: Google Map

Published: 6:30pm, 25 May 2023Updated: 10:12pm, 25 May 2023

An about 100-year-old waterfront villa in Hong Kong’s Pok Fu Lam district has been acquired by the CEO of global investment firm PAG for HK$550 million (US$70.1 million).

Villa Ellenbud, which was built in the 1920s and is a Grade III historic building, has been acquired by Christopher Marcus Gradel, official documents show. The 19,500 sq ft property with open seaviews and a garden includes two houses at No. 50 and No. 52 Sassoon Road and can be redeveloped into two mansions with a total floor area of 14,625 sq ft, according to a press release from property consultancy Colliers, which was the sole agent for the property. Colliers refused to comment further on the deal.

The property was initially used by a doctor as his residence before it was donated to a church by his family after his death. The church put it up for sale a few months ago.

The sale of Villa Ellenbud comes amid a surge in luxury housing transactions in Hong Kong this year. The number of deals involving new homes worth more than HK$50 million jumped 197.8 per cent to a four-year high of 134 as of May 16 this year, from the 45 transactions recorded in the same period in 2022, according to data from Midland Realty. Kowloon recorded 91 deals worth more than HK$50 million while Hong Kong Island saw 27 transactions and New Territories recorded 16, the data shows.

The sale comes amid a surge in luxury housing transactions in Hong Kong this year. Photo: Google Map

Meanwhile, Hong Kong’s lived-in homes market has also risen after the US rate hikes this month. The Centa-City Leading Index (CCL), a gauge of lived-in home prices compiled by Centaline Property Agency, added 0.68 per cent week on week to 167.91 on Thursday, and has risen 1.71 per cent over three weeks.