Hong Kong mansion receives Asia record offer
A BUYER from mainland China has offered HK$1.2 billion (S$202.8 million) for a mansion in Hong Kong’s Peak area, a sign of the city’s rebounding property market after it reopened to the world.
If completed, the deal would mark a new Asia record for price per square foot, at HK$255,000, beating the HK$140,800 set in 2021, when an apartment at the Mount Nicholson project was sold.
Citing an unidentified market source, the Hong Kong Economic Times (HKET) reported that the four-storey property is at 45, Barker Road, with a total floor area of 4,700 sq ft.
CSI Properties acquired the site for HK$200 million in 2011, and paid another HK$103.2 million in land premium four years later when it rebuilt. The new mansion keeps some features from the original heritage building, formerly owned by Hong Kong businessman Haking Wong, said the HKET report.
CSI Properties did not immediately respond to a request for comment.
Hong Kong’s Peak is a luxurious residential neighbourhood, where many of the city’s richest tycoons own homes. Billionaires Lee Shau Kee and Jack Ma have mansions in the area.
In 2022, real estate prices in Hong Kong slumped the most in years, hurt by rising interest rates and a weakening economy. Still, the Asian financial hub remained the world’s least affordable housing market, a distinction it has held for more than a decade, a Demographia report showed this week.
The Hong Kong government has cut quarantine requirements and a mask rule that impaired the city’s attractiveness as a business centre. Art Basel and a wealth summit for global family offices are taking place in the city, attracting rich people to the hub. BLOOMBERG
Share with us your feedback on BT's products and services
