Wheelock sells third HK mansion for S$110m

Romesh NavaratnarajahJuly 21, 2016

Mount Nicholson project

View of homes at the Mount Nicholson project. Source: Getty Images

Property developer Wheelock Properties has sold a five-bedroom luxury villa in Hong Kong’s exclusive Peak neighbourhood to an unidentified buyer for HK$630 million (S$110 million), or HK$78,000 psf (S$13,657 psf), reported Bloomberg.

This is the third luxury home that Wheelock has sold at the Mount Nicholson project, which it is jointly developing with Nan Fung Development.

The mansion’s sale price is lower than the two previous villas it sold at the said development.

In fact, it is an 11 percent discount compared to the first villa Wheelock sold in February. The second villa was sold in April for HK$740 million (S$130 million), or HK$80,672 psf (S$14,130 psf).

The decline shows that a slowdown within the broader housing market, which has seen secondary home prices fall by almost 12 percent from its September peak, is trickling over to the ultra-luxury segment.

The downturn has prompted developers to dangle discounts for new projects and other enticements, such as mortgages of up to 120 percent of the property’s value.

Wheelock’s Assistant General Manager of Project Marketing Cello Chan noted that the price difference between the three units reflects the uniqueness of each home.

“Every villa has a different-sized garden, pool and location, so direct comparisons aren’t possible,” said Chan.

The 8,054 sq ft mansion comes with a 5,906 sq ft garden, underground parking for two cars and private swimming pool.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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