Billionaire Lee Shau-kee's ultra-luxury three-home family mansion at 35 Barker Road on The Peak saw its rental value fall 8.6 percent to HK$24.2 million a year, latest data from the Rating and Valuation Department shows.
However, it remains the most expensive mansion by rateable value - an estimated annual rental value of a property - in Hong Kong.
While the three-home mansion of the Henderson Land Development (0012) founder saw a fall in rateable value, rental values for most luxury homes remained flat compared with the 15 percent slump in home prices last year.
The 2023-24 valuation list and government rent roll is available for inspection until May 31 and all rateable values were reviewed by reference to rental values in the open market last October, a couple of months before Hong Kong and China reopened their borders.
Lee's property, which includes three luxury mansions with a total area of 26,756 sq ft, had a rateable value of HK$24.2 million or around HK$2 million per month for 2023-24 down by 8.6 percent from HK$26.46 million in 2022-23. However, it retained its crown as Hong Kong's most expensive home for the third consecutive year.
Also at The Peak, a house at 10 Black's Link owned by Chinese billionaire Hui Ka-yan had a rental value of HK$5.57 million, staying flat for two years in a row, though it was taken over as collateral for unpaid debt of debt-burdened developer China Evergrande (3333) chaired by Hui and put up for sale with bids to be closed this month.
In Shek O, Tencent (0700) chairman Pony Ma Huateng's house at 13 Big Wave Bay Road by saw its rateable value remain at HK$12.81 million, remaining the most expensive single home in Hong Kong.
Another local billionaire Li Ka-shing's home at 79 Deep Water Bay Road maintained a rental value of HK$9.04 million.
Rates or property tax are charged at a percentage of the rateable value of the property. The rates will remain at 5 percent for the financial year starting next month. The government plans to offer reduction in rates for the two quarters ending in September with a ceiling of HK$1,000 per quarter for each rateable tenement, which is expected to benefit about 3.46 million rateable properties.
Meanwhile, in the primary market, Phase 2 of Grand Jete in Tuen Mun, co-developed by CK Asset (1113) and Sun Hung Kai Properties (0016), will put up all 400 flats on sale on Saturday at the earliest, after listing 292 flats for sale as of Sunday.
35 Barker Road has a rental value of HK$24.2 million a year. SING TAO
