Jacinto Tong Man-Leung, vice chairman and chief executive of property investment firm Gale Well, has rented a three-bedroom apartment at The Altitude in Happy Valley for HK$75,000 per month, after selling his luxury residence at Hong Kong Parkview in Repulse Bay in April.
The 1,531-square-foot unit, leased via a company linked to Tong, carries a three-year contract through May 2028. The rent translates to HK$49 per square foot, in line with market rates.
The owner purchased the unit for HK$45.08 million in 2014 and later added a parking space for HK$1.4 million, bringing the total acquisition cost to HK$46.48 million, implying a yield of about 1.9 percent.
Tong sold his personal residence, a combined top-floor unit at Hong Kong Parkview, for HK$138 million in early April, according to property records.
The unit was originally two adjacent 4-bedroom apartments, each with a saleable area of 2,308 square feet, later merged into a 4,616-square-foot luxury flat. The transaction translates to about HK$29,896 per square foot. The final sale price was roughly 30 percent below the original asking price of HK$200 million.
Meanwhile, in February, Gale Well 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.
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