The property at 11 Plantation Road in Hong Kong.
Source: Wheelock Properties (Hong Kong) Ltd.
Source: Wheelock Properties (Hong Kong) Ltd.
Hong Kong’s luxury real estate market has set another record as the pandemic recovery gains momentum.
Wharf Holdings Ltd. has rented a luxury home in her 11 Plantation Road project on the Peak for HK $ 1.35 million ($ 174,000) per month, it said in a statement late Tuesday. That translates to more than $ 2 million per year for the unidentified tenant.
According to Louis Ho, chief sales executive at Centaline Property Agency Ltd. the rent is highest for a house in Hong Kong. buying arises, ”said Ho.
The 1,004 square foot home overlooking Victoria Harbor features a private garage, garden and elevator in the property. Wharf plans to sell four of the seven homes at 11 Plantation Road and lease the remainder for rental income.
A scarcity of housing stock on the Peak and the time-consuming nature of luxury sales likely prompted the developer to rent out some of its stock, said Thomas Lam, an executive director at Knight Frank LLP.
The property at 11 Plantation Road in Hong Kong.
Source: Wheelock Properties (Hong Kong) Ltd.
“It takes a long time to sell a house,” said Lam. Either way, they would have a supply waiting to be sold. Leasing some of the homes with substantial rents can boost the market while providing rental income. “
The city’s high-end residential market has recently seen record sales of apartments and land. Last month, CK Asset Holdings Ltd. has offloaded a luxury apartment for HK $ 459 million, the highest for such a property in Asia.
In the same month, a Wharf-led consortium won a residential lot on the Peak for one record price per square meter in Hong Kong.