HKTDC sells two Peak homes to Cheng family for $185m

Finance | Staff reporter 13 Oct 2021

Staff reporter

The Hong Kong Trade Development Council sold two units with parking spaces at Villa Verde on The Peak for HK$185.3 million to a grandson of the late founder of New World Development, Cheng Yu-tung.

The two connected units, measuring 2,311 square feet each, changed hands at HK$93 million and HK$92.3 million in September, data from the Land Registry showed. This suggested an average price of around HK$40,000 per sq ft. The two units came with one parking space each.

The history of the properties dated back to 1970 when the statutory body acquired three units and three parking spaces at the projects for a total of HK$621,600. Together with one parking space, the average price for one luxury unit stood at about HK$207,200, suggesting that the council had a paper gain of more than HK$184 million in selling the two flats after holding the properties for 51 years.

The buyers of the two flats are Cheng Chi-him and Joyce Ho Wai-chung, who are believed to be the grandson of New World Development's Cheng, and his spouse.

The Trade Development Council sold a flat with a car park at Woodland Heights in Wong Nai Chung Gap for HK$96 million at the beginning of this year. This followed an investment of HK$150,000 in 1967. It suggested a price growth of 639 times after 54 years. The council has cashed out more than HK$281.3 million in selling properties in less than one year.

Meanwhile, Kennedy 38, a project in Kennedy Town jointly developed by Sun Hung Kai Properties (0016), Wheelock Properties and Henderson Land Development (0012), is expected to launch sales in early November.

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