Stanley villas up for sale with $2b price tag

Staff reporter

Local property investment firm Gale Well Group has reportedly put Jade Beach Villa at Chung Hom Kok, Stanley up for sale with an asking price of HK$2 billion, in a bid to reduce debts amid high interest rates.

The luxury project, located on 3-7 Horizon Drive, was built in 1977. It spans approximately 102,000 square feet and comprises 30 residential units including 18 houses with a total floor area of around 55,900 sq ft.

Based on a rebuildable floor area of about 57,000 sq ft, the land price per square foot is HK$34,900, The Standard's sister newspaper Sing Tao Daily reported.

The company began acquiring units in the villa in 1988, initially purchasing 25 homes for a total of HK$98 million, but it was not until 2016 that it successfully consolidated the ownership.

The total acquisition cost was approximately HK$200 million, including the last unit acquired for HK$78 million in 2016.

Gale Well's chief executive Jacinto Tong Men-leung did not deny the sales plan when approached by Sing Tao Daily.

When asked about the group's recent disposal of several high-value properties, Tong explained that offloading properties to "lighten the load" and reduce debt is part of normal business operations but declined to disclose its current debt ratio, citing it as confidential.

In addition to the villa, the firm is also marketing a nearby project at 68-70 Chung Hom Kok Road.

Priced at HK$380 million, the project, with a rebuildable area of about 10,800 sq ft, would cost HK$35,200 per sq ft. That is 60 percent lower than an adjacent project sold in 2021.

Gale Well was founded by local real estate tycoon Rita Liu Tong Wei-oi and her two brothers including Jacinto Tong.