Hey big spenders! Wheelock banks on China’s tycoons to reset benchmark prices for Peak villas in Hong Kong’s wealthiest enclave

Developer to put eight exclusive villas at 77-79 Peak Road in the first half next year, a top executive says in Post interview

Current record held by Shenzhen property tycoon Chen Hongtian when he paid HK$182,370 per sq ft for 15 Gough Hill Road in 2016

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Aerial view of a residential building on Peak Road, a wealthy residential enclave in Hong Kong. Photo: Roy Issa

Published: 8:30am, 18 Nov 2020Updated: 8:30am, 18 Nov 2020

Wheelock Properties, controlled by one of Hong Kong’s richest tycoons, is planning to put up its prime asset on The Peak early next year, hoping to draw interest from a new pool of mainland Chinese billionaires minted during the recent stock market boom.

The developer will call for bids for eight exclusive villas at 77-79 Peak Road in the first half, managing director Ricky Wong Kwong-yiu said. The villas, each measuring between 6,000 sq ft (557.4 sq m) and 8,200 sq ft, are undergoing finishing touches. The site was once occupied by a seven-storey colonial-style building known as Dodwell Mansions.

The decision to sell the property, located next to the historic Ho Tung Garden or known locally as Hiu Kok Yuen at 75 Peak Road, underscores its confidence in an imminent market rebound as the Covid-19 pandemic comes under control. Chinese billionaires rebuilt their wealth by US$500 billion to US$1.68 trillion from January to July, according to a UBS and PwC report last month.

“We are hoping to make a new record price in the area with the prestigious location,” Wong said in an interview with the Post. “The bosses and senior management of listed companies still have a huge demand for luxury homes in Hong Kong. After all, only the address at The Peak can be on par with their wealth and status.”

Wheelock Properties plans to launch the super deluxe villas on 77-79 Peak Road in the first half of next year. Photo: Handout

Chen Hongtian, a major shareholder of Shenzhen-based developer China South City, set the current record for property on The Peak when he bought 15 Gough Hill Road from Hong Kong-listed Chuang’s Consortium International in 2016 for HK$2.1 billion (US$270.9 million) or HK$182,370 per sq ft.