Despite the tighter measures rolled out to cool Hong Kong’s property market, a two-storey home in the city has been sold for a whopping HK$84 million (S$13.42 million), according to reports.
Located at Gough Hill Residences in the tony Peak neighbourhood, the property was put on the market last November; just weeks after the government introduced a 15 percent tax on foreign home buyers.
The recent sale shows that buyers were not seriously affected by the measures, noted Wong Leung-Sing, Property Analyst at Centaline Properties.
“All the people have the same thinking—that the government cannot do anything about (home prices),” he said. As long as there is quantitative easing around the world, “people think the price in Hong Kong will always get higher”.
Built about seven years ago, Gough Hill Residences by developer Wheelock Properties comprises five luxury homes that were snapped up by local buyers and mainland Chinese. Each house comes with its own swimming pool, lush landscaping and car ports that can accommodate several vehicles.
In 2006, the same property was sold for HK$26 million (S$4.15 million), which is just a third of the current price.
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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