Local property investment firm Gale Well Group has sold Jade Beach Villa in Chung Hom Kok for around HK$1.2 billion, marking its latest move to offload assets.
The company had previously reduced its asking price from HK$2 billion in February last year to HK$1.5 billion in June last year, with a 25 percent reduction.
This luxury residential project, which is located on 3-7 Horizon Drive at Chung Hom Kok, was built in 1977. It spans about 102,000 square feet and comprises 30 residential units including 18 houses with a total floor area of around 55,900 sq ft.
Gale Well began acquiring units in the villa in 1988, initially purchasing 25 homes for around HK$98 million, but it was not until 2016 that it successfully consolidated the ownership. The total acquisition cost was about HK$200 million, including the last unit acquired for HK$78 million in 2016.
In June, the company sold a hotel in Wan Chai for around HK$390 million, translating to less than HK$7,000 per sq ft. This resulted in a paper loss of over 42 percent after a 13-year holding period.
