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Tycoon Henry Cheng’s wife pays HK$450 million for luxury flat on The Peak, as the super-rich seek safety in bricks and mortar
- Katherine Ip Mei-hing bought the four-bedroom, 4,256 square-foot apartment at 8 Peak Road last month, say sources familiar with the deal
- Volatility in stock markets has made luxury homes in prestigious locations an attractive investment, says Sammy Po of Midland Realty
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The wife of Henry Cheng Kar-shun, Hong Kong’s third-richest man, has bought a flat on The Peak for HK$450 million (US$57.7 million), as the city’s most well-heeled residents continue to channel their capital into bricks and mortar to protect their wealth.
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Katherine Ip Mei-hing bought the four-bedroom, 4,256 square-foot apartment at 8 Peak Road from CSI Properties and Phoenix Property Investor last month, according to sources familiar with the deal.
The price tag translates to HK$105,535 per sq ft, a new record at the luxury residential project.
“Rich families from Hong Kong and the mainland love to buy properties on The Peak because of the rare supply. Given recent volatility in stock markets, many clients prefer to invest in luxury homes at prestigious locations that are more resilient to dramatic changes in market conditions,” said Sammy Po, chief executive at Midland Realty.
He believes the trend will continue in 2022, considering the limited investment alternatives.
“The top-end residential sector should be a bright spot once the border reopens between Hong Kong and the mainland. At present, a number of potential buyers are reluctant to visit Hong Kong due to the quarantine measures,” he said.
CSI and Phoenix Property acquired 19 flats and one villa at the 8 Peak Road development, formerly known as Oasis, for HK$1.82 billion in 2015. The deal included 33 car parking bays and five motorcycle parking spaces.
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