Savills Appointed as Sole Agent for the Tender Sale of Block E & F, 5 Old Peak Road, Pine Court with 12 Car Parking Spaces with an Indicative Price of HK$600M

This low-density residential development in the prestigious Mid-Levels district, owned by a prominent Hong Kong family for over half a century since 1969. Each unit features traditional well-proportioned layouts, comprising spacious living and dining areas, three bedrooms with en-suite bathrooms, a helper's quarter, and a terrace.

Located at the Old Peak Road, the traditional luxury residential area of The Peak, the property boasts an exceptional location with the backdrop of Lung Fu Shan, the views of Victoria Harbour which offers tranquillity and privacy. Furthermore, it is conveniently situated just a 5 to 10-minute drive away from the bustling business districts of Admiralty and Central. The property not only enjoys proximity to commercial centres but also benefits from well-established educational, medical, and entertainment facilities. Renowned local and international schools are in close proximity, along with various recreational destinations such as the Ladies' Recreation Club, Hong Kong Zoological and Botanical Gardens, The Peak, Tai Kwun, and the Soho district.

Mr. Raymond Lee, Chief Executive Officer, Greater China of Savills stated, "The latest Policy Address announced a reduction of the respective rates of the Buyer's Stamp Duty (BSD) and the New Residential Stamp Duty by half to 7.5%. Additionally, the government has introduced a stamp duty suspension arrangement for incoming talents' acquisition of residential properties. The payment of stamp duty concerned is suspended at the time of property acquisition, but the talent is required to pay the relevant amount if he/she is subsequently unable to become a HKPR. These measures are expected to attract both local and international buyers back to the market. With the decrease in transaction costs, investors are likely to gradually reallocate their non-core assets to core high-quality assets. Traditional luxury residential areas are expected to be the most benefited.

Mr. Lee further commented, “The property is currently valued at HK$ 600 million, with an average price of approximately HKD 21,000 per square foot. In comparison to recent transactions involving entire buildings in Mid-Levels, such as the acquisition of two old buildings at 1 and 1A Kotewall Road for a total of approximately HK$ 1.3 billion in early last year, which resulted in an average price as high as HK$ 84,000 per square foot, the current sale of this property offers a highly favourable location and relatively affordable price. Moreover, it has been off the market for over 50 years. Investors and buyers should not miss this exceptional opportunity.”