Ck Asset Sells Penthouse In Hong Kong’s Mid-levels For Us$48.5m, Sets Pricing Benchmark

A penthouse at CK Asset Holdings’ luxury residential project in Hong Kong’s Mid-Levels has been sold via tender for HK$380.77 million (US$48.5 million), according to a statement from the flagship property developer of tycoon Li Ka-shing, underscoring the rebound in the city’s high-end residential segment.

Unit 10 on the 20th floor of 21 Borrett Road in the upscale district in Central fetched HK$126,000 per square foot, the highest price for the development and for new home sales this year, according to the statement on Thursday.

The five-bedroom flat, with three en suite rooms and a saleable area of 3,022 sq ft, offers panoramic views stretching from Central to Wan Chai.

The project had now sold four mansions via tender for a combined HK$1.05 billion, said Kristy Chan Wing-chi, sales manager at CK Asset.

The developer resumed sales of ultra-luxury homes at 21 Borrett Road early this month. The second phase of the project comprises 66 flats from 1,875 sq ft to 2,193 sq ft in saleable area, plus a limited number of special units, including two penthouses exceeding 2,900 sq ft.

The city’s high-end housing segment has seen a string of deals, including purchases made by top business executives and celebrities.

Hong Kong actor and singer Eason Chan bought a HK$182.53 million home in Shouson Hill in Southern district, according to Land Registry records. The property had four rooms and a garden, with a saleable area of 2,801 sq ft, agent listings showed. With the purchase price, the property came to HK$65,166 per square foot.

A luxury house at 33 Tung Tau Wan Road in Stanley changed hands on June 1 for HK$220 million, with the purchaser registered as Permanence International Hong Kong, according to Land Registry records.

Companies Registry filings showed the firm’s directors were Mao Yuankai and Huang Ying, names matching those of the president of Shanghai-listed mining firm Tibet Summit Resources and his wife.

The property covers about 6,700 sq ft and comprises a three-storey detached house with a swimming pool, garden and multiple parking spaces. The saleable area is about 4,814 sq ft.

In the first four months of the year, 93 first-hand and second-hand homes priced above HK$100 million were sold, compared with 37 a year earlier, according to Centaline Property. The combined value of deals surged to HK$19 billion from HK$6.6 billion.

The recovery in the upscale property segment had been partially aided by Hong Kong’s safe-haven appeal amid geopolitical uncertainties, according to List Sotheby’s International Realty.

“We are seeing growing interest from regional homebuyers and families reassessing geographic exposure, with Hong Kong viewed as a stable base for both capital preservation and long‑term living,” said Teresa Chan, director of business development at the property agency, in its mid-year luxury outlook released on June 8.

Mainland Chinese buyers accounted for as much as 30 per cent of purchases, with ultra-high-net-worth individuals from tech sectors and returning overseas investors also active, Chan said.