The property at 11 Plantation Road in Hong Kong.
Source: Wheelock Properties (Hong Kong) Ltd.
Source: Wheelock Properties (Hong Kong) Ltd.
Hong Kong’s luxury housing market has broken another record as the pandemic recovery gains momentum.
Wharf Holdings Ltd. rented a luxury home on its 11 Pico Plantation Road Project for HK $ 1.35 million (US $ 174,000) per month, said in a statement on Tuesday. This translates to more than $ 2 million a year for the unidentified tenant.
The rent is the highest for a home in Hong Kong, according to Louis Ho, director of sales for Centaline Property Agency Ltd. “Some of these tycoons may not have found the home of their dreams, so they tend to rent for a while before to have the opportunity to buy comes up, ”said Ho.
The 10,804 square foot (1,004 square meter) house overlooking Victoria Harbor features a private garage, a garden and an elevator within the property. Wharf plans to sell four of his seven homes on 11 Plantation Road, while renting the rest for rental income.
The scarcity of household supplies in Pico and the lengthy nature of luxury sales have probably led the developer to consider renting some of his shares, according to Thomas Lam, CEO of Knight Frank LLP.
The property at 11 Plantation Road in Hong Kong.
Source: Wheelock Properties (Hong Kong) Ltd.
“It takes a long time to sell a house,” said Lam. “They would have inventory waiting to be sold anyway. Renting some of the houses with substantial rents can stimulate the market, while offering income.
The city’s luxury residential market has recently seen record sales of apartments and land. Last month, CK Asset Holdings Ltd. sold a luxury apartment for HK $ 459 million, the highest for such property in Asia.
In the same month, a consortium led by Wharf won residential land in Pico for a record price per square foot in Hong Kong.