2024 Begins with a Bang: First Major Transaction Makes Wave 25–26 A&B, Lugard Road Sold for HK$838 Million

This property is located in one of the most prestigious areas, Lugard Road, on The Peak. Surrounded by lush green mountains, it enjoys a tranquil environment and offers unobstructed views of the Victoria Harbour and bustling cityscape on both sides, which is very rare. Moreover, the property can be easily accessed via the spacious and vehicle-friendly Mount Austin Road, allowing for the passage of 7-seater vehicles, a rarity in this area.

Mr. Raymond Lee, Chief Executive Officer, Greater China of Savills stated, “Luxury residential sites on The Peak with stunning Victoria Harbour views can reach over HK$100,000 per square foot during peak periods. This transaction was completed at a price approximately 30% below the peak. Despite the challenges in the global economic environment, end-users and investors remain relatively cautious. However, the success of this transaction signifies that it is now a golden opportunity for buyers to acquire top-quality properties, following the impact of the pandemic and interest rate hikes in previous years. We are delighted to have facilitated the first major transaction of 2024, beginning the year on a high note!”

Mr. Jason Wo, Deputy Senior Director, Investment of Savills commented, “Lugard Road stands as one of Hong Kong's most prestigious locations, boasting a mere 11 residential single lots, and among them, only 4 (including 2 currently sold) provide captivating views of Victoria Harbour. Conveniently accessible via Mount Austin Road, the property accommodates 7-seater vehicles with ease. Situated a mere 3-minute drive from The Peak Galleria or The Peak Tower, it epitomizes the rarity and desirability found within the ultra-luxury residential market. These exceptional attributes have enticed the buyer to proceed with the transaction.”