Luxury home in Redhill Peninsula, where landslide exposed illegal structures, sells for just over half its 2017 price, agents say
- The property in the upmarket district has changed hands for HK$60 million, six years after the owner bought it for HK$111.5 million
- Inspectors discovered dozens of suspected illegal structures in the wake of a recent landslide
“The owner just sold 174 Cedar Redhill for HK$60 million (US$14.24 million). They had an uncompleted renovation with basements that need repairs,” said an agent speaking on condition of anonymity.
The property, with a gross floor area of 3,339 square feet according to the website of Centaline Property Agency, was bought for HK$111.5 million in 2017.
Other agents confirmed the deal and said it has been the talk of the industry.
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Landslide reveals illegal basements under luxury Hong Kong homes
The luxury estate in Tai Tam has come under the close scrutiny of officials since a black rainstorm hit the city early in September, triggering a landslide in the district that affected three houses and revealed illegal structures at four houses in Redhill Peninsula.