Luxury villa at Hong Kong’s The Peak up for tender, could fetch as much as US$122.5 million
- The 7,042 sq ft property at 8 Mount Nicholson Road has been developed by Wharf Holdings and Nan Fung Group
- Luxury residential market expected to keep up momentum and post even stronger growth in the second quarter, Colliers executive says
The property in the ultra-exclusive enclave of Mount Nicholson at 8 Mount Nicholson Road has been developed by Wharf Holdings and Nan Fung Group. Wheelock is the sole agent for the sale.
The attempt to sell the four-bedroom unit – expected to fetch as much as HK$961.5 million (US$122.5 million) – comes at a time of marginal improvement in Hong Kong’s luxury property segment on the back of a full reopening of the city’s and mainland China’s borders, the end of strict Covid-19 restrictions and the stabilisation of interest rates.
“The range of the price for the house could be anywhere between HK$86,340 and HK$136,544 per square foot, based on sales last year,” said Vincent Cheung, managing director of Vincorn Consulting and Appraisal.
Hong Kong’s residential market is seeing a marked improvement, with the number of transactions rising 40.3 per cent month on month to 4,282 in February, according to Knight Frank, which cited official data. Primary sales supported overall market sentiment, surging 80.4 per cent month on month to 655 deals. The overall home price index also rose by 0.6 per cent in January, according to official data.
