CK Asset Sells Home in Hong Kong’s Repulse Bay at Discount as Market Slides

A house at CK Asset’s 90 Repulse Bay Road project was sold for HK$75,000 ($9,557) per square foot this past week, setting a record for the lowest unit price at the luxury property against a backdrop of sliding values for high-end housing in the city.

An unnamed buyer paid HK$401 million ($51 million) for House No.2, which was the last available unit for sale at the high end Hong Kong Island project, according to transaction records posted by the developer.

The unit price for the deal was about 10 percent under the average selling price for new homes in the project, which, according to JLL’s executive director of research Nelson Wong, costs around HK$84,400 per square foot of saleable area.

CK Asset’s discounted home sale on Hong Kong Island comes after luxury residential prices slid 1.3 percent in the first half of the year, according to a report published last month by JLL.

All Sold Out

The home at 90 Repulse Bay Road, which is located within a 15-minute walk of Repulse Bay beach, covers 5,347 square feet (497 square metres) of saleable area across four storeys and comes with five bedrooms and a 367 square foot garden.

Repulse Bay is a traditional luxury residential area that offers sea and mountain views and a high degree of privacy, said Thomas Chan, senior manager of research at Colliers. Housing supply in the neighbourhood, which is called home by members of the Kuok family, who own the Shangri-La Hotel Group, as well as by descendants of CITIC founder Rong Yiren, is also limited, he added.

The recent transaction at 90 Repulse Bay Road marks the last of all 11 attached homes which make up the entire project. Since sales began in June of 2018, transaction prices for homes in the project have reached as high as HK$90,286 per square foot, Chan said. Across Repulse Bay, new home prices averaged HK$85,200 per square foot of saleable area over the last 12 months, said JLL’s Wong.

CK Racks Up Deals

In the first half of 2022, sales of residential properties priced at HK$20 million or more fell 54 percent year-on-year to total just HK$52.8 billion, said Wong.

Despite that decline, CK Asset in June sold a 20th-floor unit at its 21 Borrett Road residential project in the Mid-Levels for HK$270.6 million, with that home going to an unnamed buyer for a unit price of HK$91,895 per square foot, which set a new record for a non-penthouse unit at the luxury residential property.

Despite that record deal, sales at the project at CK’s Mid-Levels project halved during the first five months of the year, according to public records posted by the developer.