Wheelock gets second time lucky, finds buyer for house in Asia’s priciest address after offering extra sweeteners
- House 16 at the ultra exclusive development on The Peak has been sold for US$91.74 million, 0.3 per cent cheaper than the earlier reneged deal
The developers of Mount Nicholson, Asia’s priciest address, have found a new buyer for a 7,978 square feet villa, four months after the previous buyer reneged on a deal.
On Monday, Wheelock Properties sold House 16 at the ultra exclusive development on The Peak for HK$720 million (US$91.74 million), or HK$90,248 per square foot. It was also HK$1.88 million, or 0.3 per cent, cheaper than the cancelled sale.
Wheelock did not identify the buyer.
The new deal allows for the transaction to be completed in a year’s time, compared to just 30 days for other homes sold in the project.
“The developer offered [extra sweeteners] to speed up the deal because of the [proposed] vacancy tax [that will be levied on unsold empty flats],” said Derek Chan, head of research at Ricacorp Properties.
In January, an unidentified buyer did not proceed with the transaction for House 16 after agreeing to pay HK$721.88 million, forfeiting the 5 per cent deposit of HK$36.09 million.