Luxury six-bedroom Repulse Bay property will test market at HK$328m

The market for super-deluxe houses will be tested with the release for sale of a six-bedroom house in Repulse Bay at HK$64,617 per sq ft.

That will put a price tag of HK$328 million on the 5,076 sq ft property, located at 56 Repulse Bay Road and which comes with a 1,544 sq ft rooftop and three covered car parking spaces.

The record price for a house in Hong Kong was HK$134,000 per sq ft paid for No10 Pollock's Path on The Peak in 2011.

But developers started offering their new houses at a discount of five to eight per cent after the hefty increase in stamp duty in February last year.

"It is the biggest house in Repulse Bay," said Henry Mok, regional director for projects and sales and Hong Kong capital markets at Jones Lang LaSalle, the sole agent for the property. The owner bought two adjoining houses, No3 and No5, and connected them into one super-sized house that commands full sea views over Repulse Bay. The properties were bought by a local family in 2004. "The owners have now moved to another home and have decided to sell," said Mok.

Since the owner is not offering any preferential terms, such as a discount on stamp duty, a prospective corporate buyer will have to pay an extra HK$20.23 million in duties on the deal.

The top duty - levied on properties that sell for more than HK$20 million - was raised to 8.5 per cent of the property's value from 4.25 per cent in February last year.