HONG KONG: An estate in the Southern district of Hong Kong, which belongs to a property family with roots in Singapore, has been put up for tender at around HK$300 million (S$48.8 million).
The property, a luxury residential compound called Belvedere, is located at 41 Chung Hom Kok Road. The sole agent for the sale is JLL, and the tender will be open until 12:00 noon on April 28.
It is a seafront site that spans 21,170 sq ft (1,966.76 sq m). It has five two-storey houses that are between 3,150 sq ft (292.6 sq m) and 3,709 sq ft (344.6 sq m) in size. The property, which includes 12 parking spaces, has a total gross floor area of 15,750 sq ft (1,463.2 sq m). It was completed in 1980.
According to a report in the South China Morning Post on Tuesday (March 10), the family that owns Belvedere is connected to Wah Ha Realty, an investment holding company based in Hong Kong that was founded in 1961. The property has been owned since 1993 by Remadour Estate. Among the shareholders of this firm are Wah Ha Realty and related companies linked to the Cheung family.
Cheung Yik-chong was an entrepreneur based in Singapore before World War II. He built his fortune in property and jewellery at this time, and was succeeded by his son, Cheung Kung Hai, who later grew the family’s property in Hong Kong via Wah Ha Realty. The younger Mr Cheung was later known in Hong Kong as the “king of industrial buildings.”
According to an article in Hong Kong Business, the property is being sold on an ‘as-is’ basis with investment options, subject to existing tenancies and licences. Parties interested in buying the property may offer the houses for rent, or sell them individually through strata-title divestment, the report added.
Signs of recovery for Hong Kong’s luxury residential market
The report pointed out that the sale comes at a time when the city’s luxury residential market is showing signs of recovery, and cited the 2.9 per cent increase in the price of homes measuring at least 1,076 sq ft (around 100 sq m) in 2025, although they are still about 19 per cent below their 2021 peak.
SCMP quoted the chairman of JLL in Hong Kong, Joseph Tsang, as saying that many buyers are seeking luxury residences. At the beginning of the year, 26 transactions worth HK$5.3 billion (S$862 million) took place, the report added. /TISG
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