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Lifestyles of the ultra wealthy: 2 Hong Kong addresses had the city’s 5 priciest homes in 2021

  • Most transactions this year concentrated in Mount Nicholson on The Peak and 21 Borrett Road in Mid-Levels
  • ‘New Hongkongers’, or recent permanent residents, comprised 60 per cent of the owners at these two developments

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21 Borrett Road in Hong Kong’s Mid-Levels district. Three out of the top five most expensive residential property transactions recorded in the city involved this development, which is owned by CK Asset Holdings. Photo: May Tse
Lam Ka-sing

Hong Kong saw the record for per square foot prices of luxury homes being set a couple of times in 2021.

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Most of these transactions were concentrated in two areas: Mount Nicholson on The Peak and 21 Borrett Road in Mid-Levels.

Nan Fung Development and The Wharf (Holdings) paid HK$10.4 billion (US$1.33 billion) for the Mount Nicholson site in an auction in July 2010. At HK$32,014 per square foot, it was the third-highest land price in the city’s history at the time. Analysts had expected it to sell for between HK$8.7 billion and HK$11.4 billion. The 2.33-hectare site was the location of government staff quarters that had sat empty for years.

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The site at 21 Borrett Road was sold to the then Cheung Kong (Holdings) in June 2011 for HK$11.65 billion in an auction. Analysts had expected the site to fetch between HK$12 billion and HK$15 billion. The price paid was the second highest at that time, just behind the HK$11.82 billion paid in 1997 for the Island Resort site in Siu Sai Wan. At HK$26,763 per square foot, it was also the third-highest at that time.

“New Hongkongers”, or those who have recently acquired permanent residency in the city and do not have to pay the extra 30 per cent stamp duty levied on non-permanent residents for property purchases, comprised 60 per cent of the owners at these two developments, according to land title searches conducted by the South China Morning Post in June.

Who bought the most expensive homes per square foot in Hong Kong this year?

Buyer Property Price (US$ per square foot)  Total amount (US$)
Lau Chauin, daughter of Heungkong Group chairman Lau Chi-keung   Two flats with parking spaces, Mount Nicholson, The Peak  17,223,   18,097 72 million,  82.2 million
Yin Xi Flat on 23rd floor, 21 Borrett Road, Mid-Levels 16,979 59 million
Qiu Mingjing, sixth largest shareholder of Shanghai-listed Beijing Wantai Flat on 23rd floor, 21 Borrett Road 16195 48.55 million
Investor surnamed Shan Flat on 23rd floor, 21 Borrett Road 16,915 44.23 million
Ni He Tong Flat in Mount Nicholson 14,769 62.98 million
SCMP

Source: Land Registry, SCMP

Such buyers preferred the large flats of these two projects to houses as they tended to divide time between Hong Kong and mainland China, and these flats required less maintenance, said Raymond Li, principal sales director at Centaline Property Agency. Many bought two neighbouring flats for larger spaces as well.

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