15 Shouson Hill is located in one of Hong Kong’s most expensive neighbourhoods
A pair of villas in Hong Kong Island’s Deep Water Bay have sold for about 44 percent below the 2022 price for homes in the luxury project as buyers continue to scoop up bargains in the city’s high-end housing market.
The two homes at the 15 Shouson project sold for a combined HK$517 million ($66.3 million) earlier this month, according to an announcement by developer Emperor Group, with House 9 bringing in HK$224.6 million and its neighbour at House 10 fetching HK$292.5 million.
The two sales at the 15-home project developed by Emperor with partners CC Land Holdings and CSI Properties Ltd both took place at around HK$60,260 per square foot, which is about 44 percent less than the project’s high water mark in 2022, public records show.
“In light of the current market conditions and response, we will continue to adopt a measured approach to selling the remaining four villas,” Emperor vice chairman Alex Yeung said in a release. “We also plan to raise their target prices for market launch to meet the robust demand for super luxury homes.”
Luxury for Less
Measuring 3,727 square feet (346 square metres), House 9 comes with a 1,048 square foot private garden and a 816 square foot rooftop terrace. House 10 spans 4,853 square feet with a 1,848 square foot private garden and a 1,121 square foot rooftop terrace. Both properties include dedicated private lifts and temperature-controlled swimming pools. The developers did not disclose the identity of the buyers. The two units sold are both detached villas featuring five en-suite bedrooms.
Emperor Group chairman Albert Yeung (Getty Images)
The two deals came less than a month after House 15 in the project sold for HK$289.9 million, with that price for the four-bedroom, 4,818 square-foot villa translating to HK$60,162 per square foot – the lowest ever recorded in the project.
The first and also the most expensive sale in the project was recorded in July 2022 when house 7 traded for HK$870 million or at about 108,347 per square foot. The buyer was Chan Andrew Man-kui, vice president of Chinese beverage maker Jiaduobao Group.
Four units remain unsold at 15 Shouson, with the 11,660 square foot House 1 and the 4,025-square-foot House 16 both currently up for tender, according to property agencies.
Bargain Hunting
The sales at 15 Shouson are among several high-value residential deals registered in the opening days of 2026.
On New Year’s day, Hang Lung Properties sold the largest mansion at its 23-39 Blue Pool Road development in Happy Valley for approximately HK$450 million, at about the same time, National Electronics Holding sold six residential units and seven parking spaces at its 1 South Bay Close project in Repulse Bay for a total of HK$860 million.
Swire Properties sold a pair of ultra-luxury homes at its exclusive 6 Deep Water Bay Road project in December for HK$2.2 billion, or at the equivalent of HK$147,010 per square foot.
These transactions are taking place as the city’s residential property market shows signs of bottoming after three straight years of price declines as easing borrowing costs, bullish stock market performance, and government policy support have lifted market sentiment and fueled activities.
“Coming just a few weeks after the 6 Deep Water Bay Road transaction, this marks another signal of recovery in the luxury property market. At this point, we can reasonably conclude that the market is experiencing a rebound, if not a dynamic turnaround, with both transaction volume and pricing showing clear upward momentum,” Bobby Mak, real estate valuer at Hong Kong-based CHFT Advisory and Appraisal, told Mingtiandi.
Several analysts have predicted a more modest recovery in the luxury segment compared with the mass market.
JLL Hong Kong chairman Joseph Tsang expects luxury residential values to remain broadly flat while capital values in the mass residential segment are predicted to rise by about 5 percent. Knight Frank forecasts a 3 to 5 percent increase in luxury home prices and a 5 to 8 percent rise in the mass residential segment.
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