Market Shares
Hong Kong is a powerhouse in terms of wealth accumulation. According to the Wealth X report released in early 2023, Hong Kong ranks sixth globally in the number of billionaires. Moreover, the report highlights the city’s leading position in terms of ultra-high-net-worth individuals, further solidifying Hong Kong’s status as a hub for prosperity.
Over the years, the city has experienced its fair share of economic fluctuations, but its affluent families have managed to amass significant means through generations of entrepreneurial endeavours. Currently, these families find themselves in the midst of an intergenerational shift, with the transfer of wealth to the fourth or fifth generation.
Against this background, prime real estate continues to be a highly favoured asset for those looking to preserve and pass on their fortune to future generations. Indeed, the luxury real estate market in Hong Kong has shown resilience and remained relatively active compared to other parts of the world. According to property consultant Knight Frank, Hong Kong secured the second spot globally for super-luxury property deals in the first quarter of 2023, during which the city witnessed 67 transactions involving residential properties worth more than US$10 million (HK$78 million) each.
According to a research note published by Savills in September 2023, the local luxury property market in Hong Kong exhibits strength as the demand for high-end properties continues to outstrip supply—there is a persistent desire among affluent buyers for luxury real estate.
Luxury homes in prestigious neighbourhoods, such as the Peak, Stanley, and Pok Fu Lam, continue to fetch top prices, according to Savills, and the firm’s data reveals that the most expensive home sold in Hong Kong in 2022 was a property located on the Peak, going for HK$880 million. Villa Ellenbud on Sassoon Road in Pok Fu Lam fetched HK$550 million—another example of the continued interest of wealthy buyers in trophy properties.
While the impact of the pandemic has caused delays in the launch of new projects, inevitably leading to a slowdown in luxury home sales, in recent months, developers and owners have started putting their properties back on the market to gauge buyer interest and economic response. At the time of writing, Savills is marketing a two-storey detached house on Lugard Road on the Peak, which is valued at HK$1.3 billion.
According to real estate agents, the prime residential lettings market has experienced a boost since the introduction of the Top Talent Pass Scheme in 2022, which has attracted over 30,000 eligible individuals to live and work in the city. Its coverage has recently expanded to recognise even more universities, combined with the relaxation of visa requirements for talents from overseas.
Changes such as these are expected to have a positive impact on the demand for rental properties. Moreover, eligible talents under this scheme are now exempt from paying certain stamp duty surcharges upfront when purchasing their first home in Hong Kong.
Many industry players are urging for the abolishment of stamp duty surcharges for foreigners and, at the very least, a reduction of the stamp duty surcharge levied on second-home buyers; they argue that removing these so-called “cooling measures” would attract more international talent to remain in Hong Kong and stimulate the property market amid a weakened economy. Whether these policy relaxations will fuel new home sales remains to be seen.
Victoria Peak
Wheelock Properties & Wharf Holdings
77/79 Peak Road
Victoria Peak is undeniably the epitome of prestige, and finding new homes there can be quite a challenge due to limited availability, but Wheelock Properties and Wharf Holdings have come to the rescue with a curated collection of eight exquisite homes. Discreetly located off the winding Peak Road, the premises are crafted by a roster of renowned architects and designers, including Yabu Pushelberg, Alexandra Champalimaud, and Andrea Cochran, who have sourced the best materials and hardware from around the world for this project.
77/79 Peak Road is where history intertwines with nature, where the secrets of development are beautifully concealed by a cluster of majestic, centuries-old camphor trees, planted during the colonial era when affluent families sought refuge from the summer heat at the Peak. With saleable areas ranging from a commodious 563 square metres to about 756 square metres, residents will have plenty of room to personalise their dream home. Unique features of each home include a spacious his-and-her dressing room in the master bedroom, private garden and pool with heating and cooling functions, electric car charging station in the car park, and air purification systems.
Stanley
K&K Property
One Stanley
In a city more or less built around the coast, deciding on a superlative seaside residence is a tall order, but we think One Stanley is a worthy contender to take note of. Designed by the world-renowned Robert A.M. Stern Architects (RAMSA) and situated in the illustrious neighbourhood of Stanley, this extraordinary project is poised to leave an indelible mark on an area that has yearned for such magnificence for 20 long years. For the design concept, RAMSA referenced grand, iconic structures such as the Parthenon and hillside communities like Santorini and Mykonos to impart an ultra-luxurious atmosphere. One Stanley spans a site area of around 25,300 square metres, with over 80 residences available in various sizes and styles. Each abode has been thoughtfully planned out to cater to the unique demands and desires of discerning buyers. Adding to its appeal, One Stanley’s Southside location affords effortless access to prestigious private clubs and world-class educational institutions.
Singapore
Shun Tak Holdings
Les Maisons Nassim
Indulge in the epitome of luxury living at Les Maisons Nassim, a stunning residential property in Singapore. Situated on Nassim Road, this exquisite low-rise development comprises just 14 meticulously crafted homes, all of which are truly exceptional. Each residence occupies an entire floor, with its own private lift lobby and designated car parking space. Les Maisons Nassim offers the charm and comfort of single-family homes and remarkable views of lush greenery and the entire district beyond.
It is located within walking distance of the many vibrant attractions of the neighbourhood, including the Orchard Road shopping belt, the Singapore Botanic Gardens, and a plethora of foreign embassies and prestigious “Good Class Bungalows” (GCBs).
Kai Tak
Henderson Land Development
The Henley and Henley Park
Imagine living in a place that is not only nestled in a beautiful harbourfront but also provides you with a rich sensory experience. Henderson Land Development’s impressive residential project in the up-and-coming Kai Tak neighbourhood offers sophisticated modernity at its finest, combining luxury and connectivity in the most exquisite manner.
Boasting green-minded features and vibrant community amenities, The Henley embodies a lifestyle that embraces independence, artistic expression, and a deep connection to the natural world, offering a mix of low- and high-rise apartment blocks. Similarly, Henley Park’s residential towers and mansions answer to those seeking the pinnacle of elegance and refinement, and their proximity to Kai Tak Sports Park—an architectural sporting complex set against the stunning backdrop of Victoria Harbour—offers the best of both worlds.
Even more worthy of note is the ultra-exclusive Eden, comprising four low-rise mansions within Henley Park. Eden’s five-storey residences are designed with private gardens on the ground level, while the communal outdoor space integrates Andrew Moor’s stained glass installations and a breathtaking seven-metre-tall sculpture by Matt McConnell into the surroundings.
Pok Fu Lam
Wang On Properties & Kam Wah Holdings
Mount Pokfulam
Mount Pokfulam is made up of an exquisite collection of seven detached houses, nestled in an ideal location along the serene Pok Fu Lam Road.
Drawing on the rich history of the area as a low-density neighbourhood for well-to-do residents, the architectural philosophy of Mount Pokfulam blends the splendour of the past with contemporary design, beautifully recreating distinctive Italian Baroque elements with natural St Nicholas stone for a timeless, elegant touch. Each home boasts its own private front and rear gardens, carving out a peaceful sanctuary in a bustling city, as well as a carport, lift, and swimming pool. Its high ceilings, reaching a height of 4.5 metres, add to the atmosphere of grandeur.
Wang On Properties and Kam Wah Holdings jointly developed the residence, where stunning architectural design seamlessly merges with the surrounding greenery. Simply imagine waking up to the breathtaking views of Mount Davis and Belcher Bay every morning and that should give you a pretty good idea of what to expect from a Mount Pokfulam house.
Niseko
Pacific Century Premium Developments
Park Hyatt Niseko Hanazono Residences
Pacific Century Premium Developments’ acquisition of the extraordinary Park Hyatt Niseko Hanazono hotel opened up a realm of possibilities for ski-in, ski-out properties, and together, the collaboration has resulted in something truly remarkable—the first collection of Park Hyatt residences in Japan, and in Hokkaido’s scenic Niseko, no less.
Each of the 113 residences within the Park Hyatt Niseko Hanazono Residences complex combines the bespoke service of the Park Hyatt hospitality brand with the expertise of Pacific Century Premium Developments to set a new benchmark for branded all-season living. Its location near Niseko’s premium ski terrains makes this a superb choice for powderhounds seeking unparalleled home-away-from-home experiences, but summertime offers just as much entertainment with golfing and horseback-riding opportunities. Inside the residences, owners can expect floor-to-ceiling windows, a wide balcony, a private onsen, a walk-in wardrobe in the master bedroom, and more besides.
Pok Fu Lam
Chinachem Group
Victoria Coast
Positioned along Victoria Road in Pok Fu Lam, Victoria Coast is a haven tucked into the hillside, showcasing not only the benefits of a prime location with spectacular views across the water and the inviting shores of Sandy Bay, but also its superior design, intended for utmost exclusivity. Victoria Coast comprises two 30-storey residential towers made up of a total of 118 homes, with each floor accommodating only two units for added privacy.
Chinachem Group has partnered with Make Architects, an internationally acclaimed design practice with a stellar track record of award-winning projects, to thoroughly refresh the existing residence before releasing it back onto the market, following a dedicated investment of around HK$600 million to upgrade the buildings and facilities. Homes will be equipped with top-end fixtures and appliances, and a resort-style clubhouse encourages social activity.
Located near esteemed establishments such as the Aberdeen Marina Club and Hong Kong Golf Club, Victoria Coast offers residents an extraordinary opportunity to embrace a premium, undisturbed lifestyle and remain well-connected, with convenient access to both Central and Cyberport.
Discovery Bay
Hong Kong Resort Company
Il Picco
Il Picco is more than just a place to live—it’s a sanctuary in the stunning beauty of Discovery Bay. With its breathtaking vistas of azure-blue waters and lush green landscapes, living in this quiet hilltop community feels like being on permanent vacation. Il Picco’s 21 luxuriously appointed detached houses, coming in three- or four-bedroom formats, stand at a modest two storeys in height, with a saleable area of either 187.959 or 201.676 square metres.
Floor-to-ceiling windows flood the spacious living room with natural light, inviting the serenity and surrounding tranquillity into the home. Every corner, from the impressive kitchen kitted out with world-class appliances fit for keen gourmands, to the cosy family room and luxurious master suite, is a testament to the impeccable attention to detail.
Private gardens and roofs are part of the standard configuration. Some houses also come with a pool. At Il Picco, residents can enjoy privileges at the Discovery Bay Golf Club, where the 27-hole course will no doubt help to sharpen their skills on the green and provide plenty of weekend fun.
