The Peak remains the top destination for high net worth overseas property investors, say estate agents. For mainland property investors with over HK$20 million to spare on properties, real estate on The Peak is their first choice.
Last year, a low-profile property tycoon from Shenzhen shocked the property market when he paid a staggering HK$2.1 billion for a 9,212 sq ft house at 15 Gough Hill Road for his own use.
Chen Hongtian, who has a fortune of 16 billion yuan (HK$18.9 billion), according to the Hurun Report, is a major stakeholder of China South City Holdings – which is a listed firm in Hong Kong.
Some other property developments popular with mainland buyers on the Peak are Mount Nicholson, a development by Wheelock, Wharf and Nan Fung Group, and Twelve Peaks on Mount Kellet by Sun Hung Kai Properties.
Agents say that The Peak has always been associated with luxury, and some top Hong Kong officials and taipans have lived on The Peak. Hence it is especially popular with mainland buyers.
Hong Kong’s top tycoons such as Li Ka-shing, Stanley Ho and others live on the south side of the Hong Kong Island though, especially Deep Water Bay, which is known as the Billionaires Row by the locals.
According to Savills, luxury sales volumes rebounded in the second quarter of this year amid a rising stock market and low real interest rates. With the impact of new restrictive measures receding and supply remaining tight, luxury prices look set to head north over the remainder of 2017.
Luxury sales volumes rebounded over the second quarter as the Hang Seng index rose and real interest rates remained low.
The few luxury launches available in the primary market gathered pace. Both townhouse and luxury apartment prices continued to rise to reach new heights.
Looking ahead, luxury prices are expected to rise further this year even as the current rally begins to look rather frayed, the property consultant says in the research report.