Hang Lung to start construction on Shouson Hill Road ultra luxury project, where US consulate villas stood, by year-end
- Hang Lung Properties, led by billionaire Ronnie Chan, paid HK$2.56 billion (US$330 million) for the plot at 37 Shouson Hill Road
- The ultra luxury project will only have five to six houses, each measuring 10,000 sq ft, with sweeping views of Deep Water Bay, says CEO Weber Lo
Last September, the Hong Kong-listed developer, led by billionaire Ronnie Chan Chi-chung, picked up the parcel at 37 Shouson Hill Road on which six multistorey villas stood for HK$2.56 billion (US$330 million), or HK$54,138 per square foot.
“We won’t squeeze too many flats on the site, which is quite small; instead we would like to have some five to six ultra luxury big houses, each measuring 10,000 sq ft, to match the one of a kind location,” said chief executive Weber Lo Wai-pak.
The site offers breathtaking views of Deep Water Bay and is accessible via a private driveway from Shouson Hill Road.
“It will be very rare,” said Leo Cheung, corporate development director of valuation and property management at Pruden Holdings. He added that he expects the completed houses to fetch at least HK$100,000 per square foot or HK$1 billion.
