The luxury property market continues to face challenges, with even ultra-premium homes selling at significant losses. A villa at Shouson Peak, located in Hong Kong’s Southern District, was recently sold for HK$230 million, or approximately HK$64,845 per square foot. The buyer, Mark Chan, director at Wincome Group, acquired the property after the previous owner held it for nearly seven years. The seller suffered a HK$58 million paper loss, a 20.1% drop in value. Factoring in transaction fees, taxes, and commissions, the actual loss is estimated at HK$72.53 million, or 25.2%.
The property is a single-digit-numbered villa with a usable area of 3,547 square feet. It features a spacious layout with four en-suite bedrooms, a 1,246-square-foot private garden, and a 750-square-foot terrace. Originally listed for HK$350 million, the property underwent multiple price reductions before selling for HK$230 million in mid-August.
The villa was first purchased by the seller in 2018 for HK$288 million, at a then-record price of HK$81,174 per square foot.
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