Hong Kong Apartments for Rent on the Peak

Posted on 04 July, 2021 | By Property852

A new world record was once again set at the Peak, a luxury mansion development. An automobile parking space at the development sold recently for HK$11.89 million.

The sale came as Mount Nicholson, The Peak’s exclusive residential site developed by Nan Fung Group and Wharf, was selling parking spaces by tender with the lowest price bid at HK$9 million. According to the developer, over thirty parking spaces for cars were sold, totaling tens of millions in dollars.

As of now, 23 or more of the purchased parking spaces have already been registered, with prices in the range of HK$9 million up to HK$11.89 million.

Texwinca Holdings Executive Director, Poon Ho-tak purchased the mega-high-priced parking space. In total, Poon spent approximately HK$35.7 million for three car parking spaces. Besides Poon Ho-tak, Poon Kei-Chak, formerly Executive Vice-Chairman of Texwinca, Tai Hung Fai, Chairman of Enterprise, and Edwin Leong Siu-hung purchased parking spaces. Angela Leong On-kei, fourth wife of Stanley Ho Hung-sun, the late gambling king, also revealed she had bought a parking space.

Three additional parking spaces went to Johnson Ko Chun-shun, Frontier Services Group Vice Chairman and Executive Director, totaling HK$29.4 million. The development was also targeted by wealthy mainlanders. Land Registry data shows lots 62, 63, and 65 were bought by Lin Zhongmin late last month for HK$9.16 million each, a total investment of over HK$27.5 million.

Lin is thought to be Chairman of a developer based in Shenzhen. In 2018, Lin spent over HK$1.1 billion to purchase twelfth floor flats, C and D at the project, for 8,821 in total square footage. The average price per square foot set a new record high for Asia at HK$132,000.

However, the record was overtaken by 21 Borrett Road, a Mid-Levels luxury development, setting a new record of HK$136,000 per square foot in February.

Yu Feng, Yunfeng Capital’s founder and chairman, is among Lin’s mainland neighbors. Yu Feng spent over HK$28.5 million to purchase three parking spaces (No. 59, 60 and 61). Each space cost HK$9.5 million.

Another buyer was Huo Dong, Chairman of Rendong Holdings, a mainland-based IT service management company, who spent HK$9.3 million for the 92nd parking space. Additionally, Qiu Mingjing, recently active in Hong Kong’s property market, purchased parking space No. 1 for $HK$10.1 million. Qiu also paid HK$240 million to buy nine units last month at South Land, located in Wong Chuk Hang.

Meanwhile, Zhu Xingliang and Ni Hetong, two more mainland tycoons, spent HK$10.1 million and HK$9 million respectively for car parking spaces.

According to Alex Leung Pui-wang, CHFT Advisory and Appraisal’s senior director, since there are many mainland tycoons who must travel frequently between Hong Kong and China, they require luxury homes in Hong Kong for their stays.

Furthermore, The Peak has a limited parking space supply. With the practical needs and financial clout of these tycoons, they are willing to pay top dollar.

Reeves Yan, CBRE Hong Kong’s executive director and head of capital markets noted that units at The Peak typically go for hundreds of millions of dollars. Yan thinks that, proportionally, parking spaces are still at a reasonable level.

Yan noted that, after all,, the lack of public transport in the district is a direct factor driving the rising prices.

SHARE

• 
•