Media365
Buying interest is returning to Hong Kong’s secondary luxury housing market as wealthy families hunt for value in projects where prices have lagged behind the broader residential recovery despite improving sentiment and lower interest rates.
Among the latest buyers, members of the family behind knitwear manufacturer Nameson Holdings acquired adjoining units at Mayfair By The Sea I in Tai Po for HK$60 million (US$7.7 million) combined, according to Land Registry filings.
The buyer was listed as Masswin II Limited, whose shareholder is Masswin Investments Limited. Its directors include Wong Ting-chung, Teresa Wong and Wong Wai-yue, members of the family behind Nameson. The agreement for sale was signed on April 23.
The two mid-floor units in Tower 2 – flats A and B – have saleable areas of 1,691 sq ft and 1,692 sq ft, respectively. Each changed hands for HK$30 million, or about HK$17,700 per square foot.
The deal reflects a broader shift in buying behaviour in the secondary luxury segment, where relatively subdued price performance compared with the wider residential market has begun to attract selective buyers.
The sellers, Lee Suk-ching and Chan Tsz-kin, had held the properties since 2014. Land Registry records showed that flat A was bought then for HK$29.69 million, while flat B was purchased for HK$28.7 million. The new transactions suggest gains of only about 1 per cent and 4.5 per cent, respectively, after more than a decade.
