Villa in HK's Peak sold for 25% below expectations

Hong Kong

WHEELOCK Properties Ltd sold a luxury home in Hong Kong's exclusive Peak neighbourhood to an unidentified buyer for a lower-than-expected price tag of HK$830 million (S$150 million) on Saturday.

While it took Wheelock just three hours to sell the home, the transaction works out to HK$87,784 per square foot, more than 25 per cent lower than estimates by some analysts.

The sale shows that the ultra-luxury segment is not immune from a downturn in the broader housing market in Hong Kong, where prices have fallen 11 per cent since September. …