Hong Kong mansion sells at 60% of broker’s estimate

A MANSION in Hong Kong has been sold for HK$360 million (S$61.7 million), at about 60 per cent of what agents estimated, adding to a growing list of luxury properties trading at heavy discounts. 

A house at 8 Purves Road, located in Wan Chai’s Jardine’s Lookout area, has been sold to an entity called Talent Ample, according to land registry records. The property is a two-storey detached house with a site area of about 912 square metres.

The house was put on sale by Jones Lang LaSalle and Savills, who had been appointed by receivers Acclime Corporate Advisory (Hong Kong) as sole agents in April. 

The firms said at that time that the property was estimated to be worth about HK$600 million. Luxury properties in that area have been rarely available for sale, it added. Hong Kong Economic Journal reported the story earlier. 

Wealthy buyers are taking advantage of Hong Kong’s prolonged property downturn, as owners offload assets to pay off debt. About 75 per cent of high-end property transactions – those worth more than US$10 million each – in the first half of the year involved financially stressed sellers, according to data from CBRE Group.