Hong Kong mansion goes for US$111m in record sale this year

A SPRAWLING 6-bedroom house in one of the most exclusive Hong Kong neighbourhoods has broken this year’s sales price record.

The property in Shouson Hill, a neighbourhood that counts Li Ka-Shing as a resident, was sold for HK$870 million (US$111 million) on Sunday by co-developers Emperor International Holdings Ltd, C C Land Holdings Ltd, Mingfa Group International Co and CSI Properties Ltd, said a joint statement by the companies. The companies didn’t identify the buyer.

The house, in the new project No 15 Shouson, spans 746 sq m of floor area and has a private garden, swimming pool and parking space. Located on the southern side of Hong Kong Island, Shouson Hill is one of the city’s most exclusive neighbourhoods. 

The price represents the most expensive home transaction in Hong Kong this year, according to Louis Ho, principal sales director at Centaline Property Agency Ltd. 

Transaction volumes for secondary luxury homes in upscale neighbourhoods in the Peak and Southern District dropped 58 per cent in the first half from a year earlier, data from Centaline show. Social distancing measures taken during the city’s worst Covid outbreak and a lack of mainland Chinese capital hindered the market, Ho said in a separate statement. 

Meanwhile, global luxury real estate demand remains high, even as rising interest rates strain broader housing markets. Earlier this month, billionaire Larry Ellison bought a US$173 million ocean-front estate in Palm Beach county, setting a record for the most expensive residential sale in Florida.