Shun Ho Property Investments bought the 12,288 square-foot Jessville Manor from Samsbury Investments, according to a stock exchange filing by the former.
The historic residence at 128 Pokfulam Road on the western coast of Hong Kong Island has been converted into four luxury flats, offering three to four bedrooms with saleable areas ranging from 2,248 to 2,960 sq ft, Knight Frank, the sole agent on the deal, said on Friday.
“We feel exceptionally privileged to have the opportunity to own and maintain Hong Kong’s most prestigious heritage building.
“This manor is not just of marvellous architecture, it also stands as a witness to the history and developments of Hong Kong in the last century. We are so honoured.”
10:08
Hong Kong has until 2049 to fix its housing crisis, but is it possible?
Hong Kong has until 2049 to fix its housing crisis, but is it possible?
The acquisition provides an excellent investment opportunity for Shun Ho Property to expand and diversify its property investments in Hong Kong, according to its filing to the Hong Kong stock exchange on Friday afternoon.
The deal comes after the Hong Kong government announced the removal of all property purchase restrictions late last month, which has led to an immediate rebound in luxury residential transactions.
As of March 13, transactions for new residential properties of over HK$30 million reached 84 for the month, a 30-month high and more than three times the 18 units sold in the whole of February, according to Midland Realty.
Wheelock prices Seasons Place project at 5-year low for Tseung Kwan O
Wheelock prices Seasons Place project at 5-year low for Tseung Kwan O
“The luxury residential market has directly benefited from the scrapping of cooling measures, leading to a significant increase in transaction volume,” said Buggle Lau Ka-fai, Midland’s chief strategist.
Hopes of a reduction in borrowing costs as inflation in the US slows are also fuelling optimism.
Swire Pacific posts record US$4.6 billion profit, eyes healthcare for future growth
Swire Pacific posts record US$4.6 billion profit, eyes healthcare for future growth
“The removal of all cooling measures and the anticipated interest rate cut have unlocked the purchasing power of residential properties,” said Antonio Wu, head of capital markets at Knight Frank Greater China.
“We expect this to stimulate residential sales sentiment, attracting more local and overseas buyers, as well as investors, to make purchases. Given the limited supply and strong demand, we anticipate a gradual increase in luxury transactions.
“The tangible rarity of super-prime residential properties maintains their significant investment appeal, which may further drive an increase in unit prices.”