Experienced eye guides moves to super-deluxe
Vivien Chan gives in to temptation with her HK$538m Peak purchase, and as Estate Agents Authority chief, she is a knowledgeable buyer
Vivien Chan, the chairwoman of the Estate Agents Authority (EAA), cannot resist the temptation of a super-deluxe home.
Her property investment took the spotlight after she bought a spacious house on The Peak. Chan, who is also a lawyer, purchased House No3 at 28 Barker Road last November for HK$538 million. The price tag for the 5,706 square foot house with a 752 sq ft garden and two parking spaces came to HK$94,287 per square foot.
"The new house will be for my own use. As I am approaching retirement age, I'm planning to have my own organic farm in the garden in future," Chan said at the EAA's Lunar New Year media lunch yesterday. "My son will live with us after his university graduation in the United States," said Chan, who bought the house under her name so she does not get hit with double stamp duties.
Since February 28 last year, all properties worth more than HK$2 million bought by corporate names are charged double stamp duty. Chan could save up to HK$45 million in taxes. The house will be turned over by the end of this month.
For the past three years, Chan has invested more than HK$1.5 billion in luxury homes. In 2011, she bought a house at Shouson Peak for HK$280 million and paid HK$720 million for a house on 20 Peak Road in 2010 that could be redeveloped.
"I'm not a speculator and I bought them and will lease them through my property investment company," she said.