Advertisement
Hong Kong property
Business

Sale of Kerry Properties’ Mont Rouge villa in Kowloon Tong to Beijing’s national security office fetches record US$64.7 million

  • The five-bedroom villa in Kerry Properties’ Mont Rouge development measures 7,171 sq ft
  • The transaction is likely to be exempt from stamp duty as the sale involves a government entity, according to the Stamp Duty Ordinance

Reading Time:2 minutes
Why you can trust SCMP
16
General view of Mont Rouge, No. 9 Lung Kui Road, at Beacon Hill in Kowloon Tong. Photo: May Tse
Lam Ka-sing
The office of Beijing’s national security arm in Hong Kong has spent a record HK$508 million (US$64.7 million) for a luxury villa in Kowloon Tong.
Advertisement
The national security office bought the three-storey Villa No 1 in Mont Rouge measuring 7,171 sq ft with five bedrooms, a rooftop, a garden and three parking spaces from Kerry Properties last month, according to official documents.

The HK$508 million price tag, which works out to HK$70,841 per square foot, is the highest for a new villa in Kowloon, according to market observers. The sale is likely to be exempted from stamp duty as the transaction involves a government entity, as per government rules.

“The purpose of the purchase may be for work-related use or receiving guests as there are three parking spaces,” said Louis Ho, the principal sales director at Centaline Property Agency, referring to dignitaries like politicians, businessmen and tycoons.

A general view of Mont Rouge development at Beacon Hill in Kowloon Tong. Photo: May Tse
A general view of Mont Rouge development at Beacon Hill in Kowloon Tong. Photo: May Tse

Ho indicated that the villa is set apart from other houses, which allows for a greater sense of privacy.

Advertisement

The advantage of Kowloon is the proximity to the High Speed Railway, Ho said, adding that the price and size of the villa compares with those on The Peak and the Southern district, such as Mount Nicholson.

Advertisement