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Hong Kong’s luxury residential market is regaining momentum as a growing number of celebrities, including Pop icon Eason Chan Yick-shun, have collectively deployed over HK$370 million into premium properties recently.
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Chan spent HK$182 million late last month to acquire a detached house at Shouson Peak, a prestigious development by Sun Hung Kai Properties (0016) in the Southern District. The 2,808-square-foot property changed hands at a stark unit price of HK$65,004 per sq ft.
Previously, Chan’s wife, Hilary Tsui, purchased a larger 3,238-square-foot house in the same complex back in 2013 for HK$231 million, translating to HK$71,426 per sq ft.
Taiwanese singer-actor Richie Jen Hsien-chi also rode the luxury buying wave, shelling out HK$68.8 million, or HK$31,315 per sq ft, for a low-floor flat at Belgravia in Repulse Bay, a high-end project developed by Kerry Properties (0683).
Meanwhile, Otto Poon Lok-to, founder of ATAL Engineering (1977) and husband of former Secretary for Justice Teresa Cheng Yeuk-wah, entered the market earlier this month. Poon splashed out nearly HK$117 million on a duplex apartment at The Albany in the Mid-Levels, later adding a parking space in the same building for HK$2 million.
More multi-million dollar bulk buyers not only reflect the demand of wealthy individuals for core assets in Hong Kong, but are also expected to have a further demonstration effect, driving the overall luxury housing sector to outperform the market, according to Midland Realty.
