Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Hong Kong Home Sells for $23,000 Per Square Foot to Set New Asia Record

2018/11/18 by Emma Zhou Leave a Comment

GICL chief executive Wang Yao sold the Island Road home for HK$800 million

A house in southern Hong Kong island was sold recently for a record-high price of HK$180,000 ($22,985) per square foot, topping the list of Hong Kong’s most expensive homes ever purchased, according to a report in the city’s Apple Daily.

Unit B at 37 Island Road, a semi-detached home in Hong Kong’s southern district, was sold by Wang Yao, chair of Hong Kong-listed GICL, for HK$800 million, or HK$180,000 per square foot, to an unidentified buyer.

The sale by the head of the local mortgage lender surpassed an eight-month-old record to become the most expensive house ever sold in Hong Kong, and came despite a significant slowdown in Hong Kong’s housing market, which has not spared the luxury sector. Just last month a land sale on the south side of the city’s Victoria Peak — around eight kilometres from the Island Road location — was cancelled due to lack of interest from developers during the city’s current housing downturn.

Mortgage Lender Reaps 82% Profit

The 4,264 square foot (396 square metre) house on Island Road faces Deep Water Bay and is the smallest of four units at Island Road 37, although it still has room for a private swimming pool, garden, and garage.

The four-unit property was built by Hong Kong developer Chuang’s Consortium International Limited, with the B unit being purchased by Wang Yao for a record-breaking price of HK$440 million in early 2011.

With this latest transaction, Wang Yao reaped a HK$390 million profit from her investment in the luxury property, which has increased in value by 82 percent over the past seven years.

Of the four homes in the 37 Island Road project, three of them have already been sold, with only the largest of the set, Unit A, remaining in the Chuang’s Consortium portfolio. Last December the developer scored one of the highest priced residential leases in Asia when it agreed to rent out that 5,000 square foot for HK$750,000 per month, or HK$142 per square foot per month.

March Record Falls in November

The HK$180,000 per square foot deal on Island Road broke the price record set during March by the sale of a house at the luxury Mount Nicholson development at Hong Kong’s Victoria Peak.

37 Island Road

The homes at 37 Island Road don’t provide much of a view out the front

The buyer of No 2 Mount Nicholson, Junson Capital boss and Longfor Properties co-founder Cai Kui, paid HK$1.399 billion  to acquire the 9,217 square foot home in the project jointly developed by Nan Fung Group, Wheelock and Company and the Wharf Holdings. That purchase worked out to around HK$151,985 per square foot, which at the time made it the priciest house ever sold in Hong Kong and in all of Asia.

Over the summer, a 92,087 square foot site at 39 Shouson Hill Road, around three kilometres from 37 Island Road, was sold to a company controlled by directors of Shenzhen-based developer China Resources Land for HK$5.9 billion ($755 million), breaking the record for a private residential site in Hong Kong.

Much has changed in Hong Kong’s residential market, however. since the Mount Nicholson sale in March and Shouson Hill Road sale in July, with rising interest rates, new taxes on unoccupied homes and uncertainty over a trade war helping to bring down Hong Kong housing prices during August and September of this year, after 29 straight months of rising prices.

Some analysts greeted the record-breaking transaction, along with news last week that a residential site on the former Kai Tak airport runway sold for a price within the predicted price range, after an adjacent site had sold the week before for below analyst estimates, may be helping to calm investor concerns over a steeper than expected slide in the city’s property market.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Finance Tagged With: daily-sp, highlight, Hong Kong, island south, Luxury property

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

Sharon Tan of Baker McKenzie Wong & Leow
ESR, JLL and Baker Mac See Industrial Development Opportunities in Southeast Asia
Rise of Greater China’s Young Professionals Propels Multi-Family Sector: MTD TV

More MTD TV Videos>>

People in the News

Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M
Teo Chee Hean Temasek
Asia Real Estate People in the News 2025-06-09
Lincoln Pan Jardines
Asia Real Estate People in the News 2025-06-02
Donald CHOI Chinachem
Former Chinachem CEO Donald Choi Named Managing Director of Hong Kong’s URA

More Industry Professionals>>

Latest Stories

Dugald Marr
Nuveen Raises $421M for Australia Real Estate Debt Fund With Fresh Capital From CPPIB
Prologis president Dan Letter
Prologis Sets Up JV With Jhaver Group to Grow India Portfolio After Land Buys
Noudit Hongdae
Invesco Named Preferred Bidder for Seoul Co-Living Asset and More Asia Real Estate Headlines

Sponsored Features

How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale
7 in 10 Senior Directors Confident in Data Centres, but Talent Shortage Will Widen

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse