Two adjoining Repulse Bay town houses in Hong Kong sold for US$127m

KUALA LUMPUR (June 23): Hong Kong (pictured) just keeps setting records for its uber expensive real estate.

According to a report by the South China Morning Post (SCMP), two adjoining luxury town houses was recently sold at just over HK$1 billion (US$127.46 million or RM510 million) to two buyers from the same family.

Market sources said both are also local residents

The “90 Repulse Bay Road” properties have a superb view of Hong Kong’s “most scenic beaches” and the transactions “set a record for prices on Hong Kong Island South”.

The SCMP report said that a buyer paid HK$508.67 million (HK$90,286 psf) for one property measuring 5,634 sq ft while another buyer forked out HK$495.95 million (HK$87,500 psf) for a flat of 5,668 sq ft.

“The price on a square-footage basis, set a record,” George Sze, district director of Ricacorp Properties told the Hong Kong English daily.

“New quality supply of ultra-luxury residential units is very limited, especially in traditional prime locations such as Clear Water Bay. It has always been a hotspot for ultra-rich buyers with its ideal location,” said Sze.

“90 Repulse Bay Road’s ocean view is great, and the price of such luxury flats will only be more expensive,” Sammy Po, chief executive of Midland Realty told SCMP.

According to global real estate consultancy Knight Frank’s Global Residential Cities Index for 4Q2017, although the residential market in the Asia Pacific region has generally slowed, Hong Kong has achieved a 14.8% year-on-year growth last year. 

Cushman and Wakefield in its property market review and outlook for 2018 forecast a 10% growth in Hong Kong home prices while JLL said they can potentially increase by as much as 20%.

Hong Kong’s residential prices have gone up 75.9% last year compared to the market peak in 1997 after the city island was handed back to China, said JLL.

Hong Kong also led the Knight Frank Global House Price Index 1Q18 report rankings with average prices for the 12 months ending March 2018 at 14.9% higher.