The Repulse Palace, a luxury villa on Hong Kong Island South owned by First Group, was put on the market by tender, with an estimated market valuation of HK$900 million to HK$1.5 billion.
Centaline Property Agency has been appointed as the exclusive agent for this project.
The house measures 18,274 square feet, featuring an eight-bedroom layout, with a connection to a 1,141-sq-ft terrace.
Louis Chan Wing-kit, vice chairman and chief executive officer [Residential] of Centaline Property Agency, said the recovery in the primary market is not confined to small-to-medium residential units, but that the high-end luxury market continues to show significant growth in terms of purchasing activity.
Chan said that 15 major transactions exceeding HK$100 million were recorded in the primary market last month, representing a sharp increase of nearly 90 percent compared to around 8 cases in July.
Transactions in excess of HK$50 million reached approximately 37 cases, representing a nearly 30 percent month-on-month increase, he added.
Meanwhile, The Peak and South District have logged seven single-lot luxury house transactions year-to-date, marking a six-year high, while only about 25 such detached villas remain available for sale across the entire district, underscoring their immense collectible value, said Louis Ho, senior principal sales director, Peak and South Section & Greater China Region Luxury Properties, Hong Kong Office at Centaline.
