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Peggy Ye

Buying interest is returning to Hong Kong’s secondary luxury housing market as wealthy families hunt for value in projects where prices have lagged behind the broader residential recovery despite improving sentiment and lower interest rates.
Among the latest buyers, members of the family behind knitwear manufacturer Nameson Holdings acquired adjoining units at Mayfair By The Sea I in Tai Po for HK$60 million (US$7.7 million) combined, according to Land Registry filings.
The buyer was listed as Masswin II Limited, whose shareholder is Masswin Investments Limited. Its directors include Wong Ting-chung, Teresa Wong and Wong Wai-yue, members of the family behind Nameson. The agreement for sale was signed on April 23.
The two mid-floor units in Tower 2 – flats A and B – have saleable areas of 1,691 sq ft and 1,692 sq ft, respectively. Each changed hands for HK$30 million, or about HK$17,700 per square foot.
The deal reflects a broader shift in buying behaviour in the secondary luxury segment, where relatively subdued price performance compared with the wider residential market has begun to attract selective buyers.

The sellers, Lee Suk-ching and Chan Tsz-kin, had held the properties since 2014. Land Registry records showed that flat A was bought then for HK$29.69 million, while flat B was purchased for HK$28.7 million. The new transactions suggest gains of only about 1 per cent and 4.5 per cent, respectively, after more than a decade.
Pricing was also relatively conservative compared to recent transactions. A four-bedroom unit in the neighbouring Tower 1 of Mayfair By The Sea I sold for HK$34.7 million, or HK$19,538 per square foot, on April 13.
The deal sits in the higher-end bracket of the secondary market, where activity has been steadily improving, with analysts citing lower interest rates and improving local sentiment.
In the first quarter, secondary luxury transactions rose 5.2 per cent quarter on quarter to 507 deals, covering properties priced above HK$20 million. That was the highest in 18 quarters, last seen in the third quarter of 2021. However, total transaction value edged down 0.7 per cent to HK$21.38 billion.
“Price gains in the luxury segment have so far lagged behind the broader market, which has attracted investors looking for upside potential,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties. “At the same time, developers have become more active in launching new projects amid improving demand, which has also diverted some demand away from the secondary market.”
Activity in the HK$100 million-plus bracket has also strengthened as affluent mainland Chinese buyers emerge as a growing source of demand, improving liquidity in the luxury segment and creating opportunities for owners to cash out.
Among the latest deals, a couple linked to wallpaper maker Tat Ming sold a unit at No 5 Repulse Bay Road together with a parking space for HK$170 million, according to Land Registry records.
The couple bought the property for HK$63 million in 2012, implying the home appreciated by about 170 per cent over 14 years.
The buyer was listed as Eastern Vantage Group Limited in a transaction signed on April 16, though the company’s ownership could not immediately be identified.


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Family behind Nameson buys Tai Po flats at prices near 2014 levels, while Tat Ming-linked couple sells Repulse Bay unit for HK$170 million


Family behind Nameson buys Tai Po flats at prices near 2014 levels, while Tat Ming-linked couple sells Repulse Bay unit for HK$170 million.


Hong Kong

Property investment

Property financing

China

Hong Kong’s secondary luxury home deals pick up as business families hunt for value

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Family behind Nameson buys Tai Po flats at prices near 2014 levels, while Tat Ming-linked couple sells Repulse Bay unit for HK$170 million

Family behind Nameson buys Tai Po flats at prices near 2014 levels, while Tat Ming-linked couple sells Repulse Bay unit for HK$170 million