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Wednesday, July 20, 2016, 12:04

Wheelock sells Hong Kong Peak luxury mansion for $81 million

By Bloomberg

HONG KONG - Wheelock Properties Ltd has sold its third luxury home in Hong Kong’s exclusive Peak neighborhood to an unidentified buyer for HK$630 million ($81 million), a lower price than two villas it sold earlier this year at the same development.

The sale price works out to HK$78,000 per square foot, or an 11 percent discount compared with the first villa the company sold  in February at the Mount Nicholson project, which it’s developing with Nan Fung Development Ltd. Wheelock sold the second unit in April for HK$740 million, or HK$80,672 per square foot. The sale of the third villa, which was reported on Wednesday by the Hong Kong Economic Journal, was confirmed by the company.

The decline suggests that a downturn in the broader housing market, which has seen secondary residential housing prices drop almost 12 percent from a peak in September, is filtering through to the ultra-luxury segment. A slowdown in residential sales has prompted developers to offer discounts on new projects and other enticements including mortgages of as much as 120 percent of a home’s value.

Cello Chan, assistant general manager of project marketing at Wheelock, said the price difference between the three homes sold reflected the uniqueness of each unit.

"Every villa has a different-sized garden, pool and location, so direct comparisons aren’t possible,” she said.

The five-bedroom, 8,054 square foot (748 square meter) villa with a 5,906 square foot garden, private swimming pool and underground parking for two cars, is the third of 17 units in the first phase of the development, all of which have been sold by tender. Chan declined to say how many people submitted bids, or give any details on the buyer.

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