Wharf seeks tenants for HK$1 million-a-month house on The Peak after acquisition spree in Hong Kong’s wealthy enclave

The 10,804 square feet house on 11 Plantation Road requires potential tenants to lodge a HK$1 million deposit

The property could be rented out at about HK$99 per sq ft, based on the asking price for a 4,029-sq ft home on 46 Plantation Road listed on Spacious

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Wharf (Holdings) is holding a tender for the lease of a 10,804 square feet house, one of seven homes on 11 Plantation Road, The Peak. Photo: Handout

Published: 12:05pm, 24 Feb 2021Updated: 1:20pm, 24 Feb 2021

Wharf (Holdings) is planning to lease out one of its properties in Hong Kong’s exclusive housing neighbourhood on The Peak by tender, which could fetch more than HK$1 million (US$129,000) in monthly rent based on indicative market rates.

The 10,804 square feet house on 11 Plantation Road, one of the seven homes sharing the same address, requires potential tenants to lodge a HK$1 million deposit, according to the bidding terms. The tender closes at 6pm local time on Wednesday.

While the asking price was not disclosed, the property could be rented out at about HK$99 per sq ft, using the asking price for a 4,029-sq ft home on 46 Plantation Road listed on online property portal Spacious.

“Many [wealthy] people would like to rent [at The Peak] due to its proximity to Central,” said Victoria Allan, founder and managing director of real estate agency Habitat Property. “But more importantly, places that have an outdoor space and easy access to hiking trails and parks.”

Wharf, a developer controlled by the family of billionaire Peter Woo Kwong-ching, has been scooping up assets on The Peak – whose residents include Macau casino heiress Pansy Ho, Chinese billionaire Jack Ma, who is also the owner of this newspaper – seen as a bet on market recovery as the government seeks to restore public order and revive the economy from a record slump.

Those purchases included a record HK$7.25 billion outlay, or HK$50,010 per sq ft, for two plots on 11 Mansfield Road in a government land sale early this month. The group also spent HK$12 billion to snatch the tender for 2, 4, 6 and 8 Mansfield Road in December.