Exclusive | Techtronic executive buys 3 villas on The Peak in US$106 million Hong Kong distressed sale

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Stephan Horst Pudwill is said to be the buyer of 99, 101 and 103 Peak Road, a source said. The three villas fetched HK$828 million, government records show

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The buyer of 99, 101 and 103 Peak Road paid HK$860 million for the three properties, according to sources. Photo: Google

Salina LiandAileen Chuang

Published: 6:07pm, 8 Aug 2024Updated: 11:14am, 9 Aug 2024

An executive with ties to a Hong Kong-listed power-tools maker has emerged as the buyer of three luxury houses on The Peak, the second such distressed sale in weeks by the beleaguered owners in the city’s upmarket district, according to sources.

Stephan Horst Pudwill, the vice-chairman of Techtronic Industries, has bought 99, 101 and 103 Peak Road, which were put up for sale by the family of Ho Shung-pun, a low-key clan of real estate developers, one of the sources said.

Pudwill is currently the tenant of one of the three houses, said another source, who did not want to be identified for discussing a private matter. The buyer signed an agreement on Thursday, according to government records, after paying a 5 per cent of deposit. The deal must be completed by September 30.

The 48-year old executive owns a 2.5 per cent interest in Techtronic, according to its latest annual report, a stake worth HK$4.4 billion at current market price. His father and company chairman Horst Julius Pudwill owns 19.9 per cent, the single largest block among its shareholders.

In reply to the Post’s query to verify the property purchase, Techtronic said it will not comment on personal matters.

Four houses on 46 Plantation Road were sold to Yeung Kin-man, the founder and chairman of Biel Crystal Manufactory. Photo: Xiaomei Chen

The proceeds from the sale of the three town houses, ranging from 4,627 to 5,067 sq ft, will be partially used to repay a HK$1.6 billion private loan extended to the Ho family by Gaw Capital and due in January 2025, one of the sources said, adding that the loan carries an interest rate in the “teens”.