Hong Kong property: sale of historic Pok Fu Lam mansion for US$26.5 million signals luxury market rebound after curbs lifted

The 90-year-old converted mansion, Jessville Manor, has changed hands for HK$207 million (US$26.5 million), according to Knight Frank

‘The luxury residential market has directly benefited from the scrapping of cooling measures,’ says Buggle Lau, Midland Realty’s chief strategist.

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The 90-year-old converted mansion, Jessville Manor, has changed hands for US$26.5 million, adding to evidence that the recent scrapping of property curbs may be starting to revive the luxury housing market. Photo: SCMP Handout

Published: 7:30am, 16 Mar 2024Updated: 7:48am, 16 Mar 2024

A 90-year-old converted manor house in Pok Fu Lam has changed hands for HK$207 million (US$26.5 million), adding to evidence that the recent scrapping of property curbs may be starting to revive the luxury housing market.

Shun Ho Property Investments bought the 12,288 square-foot Jessville Manor from Samsbury Investments, according to a stock exchange filing by the former.

The historic residence at 128 Pokfulam Road on the western coast of Hong Kong Island has been converted into four luxury flats, offering three to four bedrooms with saleable areas ranging from 2,248 to 2,960 sq ft, Knight Frank, the sole agent on the deal, said on Friday.

“The residential market in Hong Kong has long been undervalued, and there is significant upside potential for Hong Kong as an international city,” said William Cheng Kai-man, chairman of Shun Ho Property Investments. Cheng is the son-in-law of tycoon Lee Shau-kee, who founded Henderson Land Development.

“We feel exceptionally privileged to have the opportunity to own and maintain Hong Kong’s most prestigious heritage building.

“This manor is not just of marvellous architecture, it also stands as a witness to the history and developments of Hong Kong in the last century. We are so honoured.”