Advertisement
Buyer snaps up billion-dollar Peak home as ultra wealthy defy Hong Kong’s property slump
1 Gough Hill Road on The Peak, refurbished from Bank of China’s guest house, sold for HK$1.088 billion on Tuesday, according to the register of first-hand sales
Reading Time:2 minutes
Why you can trust SCMP
Hong Kong recorded a billion-dollar home sale this week, another sign that ultra-wealthy customers are continuing to find choice assets even amid the city’s property slump.
A mansion at 1 Gough Hill Road on The Peak on Hong Kong Island, refurbished from an old guest house used in the 1990s by Bank of China, sold for HK$1.088 billion (US$139.87 million) on Tuesday, according to the transactions register. The buyer’s identity could not be ascertained.
That made it the city’s most expensive home sale this year, at a staggering HK$95,018 per square foot.
Advertisement
The mansion, covering 11,451 sq ft (1,063 square metres), features five bedrooms and five bathrooms, with a 10,357 sq ft garden, a rooftop terrace of 3,035 sq ft and vehicle parking space that is larger than Hong Kong’s average home size. There is a swimming pool and a jacuzzi.
The mansion is one of three villas on Gough Hill Road, located near the official residence of Hong Kong’s chief justice, which counts as among the most sought-after addresses for the city’s moneyed class. The original building on the site was used as a guest house by Bank of China, the mainland’s largest foreign-currency bank.
Advertisement
Bank of China sold the project in 2005 for HK$430 million to Cheung Chung-kiu, the Chongqing property magnate and chairman of C C Land Holdings. Cheung, also known as Zhang Songqiao on the mainland, sold the project in 2007 to Peter Law Kin-sang, a local textiles merchant, developer and racehorse owner, for redevelopment, according to local media reports.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x