Luxury Pok Fu Lam residence, owned by HKEX chairman Carlson Tong, sold for a staggering US$9 million.
High-End Property Market in Hong Kong:
In 2000, Carlson Tong Ka-shing, chairman of Hong Kong Exchanges and Clearing, purchased a luxury four-bedroom house at Villa Cecil, situated at 200 Victoria Road in Pok Fu Lam, for HK$23.2 million, as per Land Registry records. This translates to approximately HK$22,479 per square foot for the 3,114 sq ft property. Tong has remained silent on the matter.
Real estate agents have highlighted this transaction as one of only two secondary deals in Villa Cecil's phase one over the past four years. In 2021, a 3,308 sq ft house within the same phase was sold for HK$100 million, equating to about HK$30,230 per square foot, according to Centaline. Villa Cecil's phase one encompasses ten houses, while phases two and three are low-density buildings hosting a total of 65 units.
Other affluent investors have actively participated in Hong Kong's real estate market. Notably, the sister of former Hong Kong chief executive Tung Chee-hwa and Cantopop singer Gloria Tang Tze-kei closed deals on two luxury flats in Wan Chai in March. The singer, known professionally as G.E.M., acquired two 2,480 sq ft units at Leon Court along Wong Nai Chung Gap Road for a combined HK$85 million, Land Registry records reveal.
Amidst these individual transactions, the residential property market in Hong Kong is undergoing fluctuations due to factors such as oversupply, high interest rates, and geopolitical uncertainty. These conditions have contributed to a buyers' market, attracting long-term value-seeking investors. Additionally, some wealthy families have resorted to selling their properties to alleviate financial pressure.
In the high-end property market of Hong Kong, investing in real-estate has seen considerable activity, with Carlson Tong Ka-shing's acquisition of a luxury residence for HK$23.2 million in 2000 standing out among other high-value deals. Meanwhile, the ongoing buyers' market in the residential sector, driven by factors like oversupply and geopolitical uncertainty, has become an attractive avenue for long-term financiers seeking value.
