A distinguished family with roots in Singapore has recently placed a unique residential estate located in the Southern district of Hong Kong up for tender, offering it at an approximate value of HK$300 million (US$38.4 million). This move comes at a time when the luxury real estate sector in the city is showing initial signs of revitalization despite previously experiencing price softening.
The property, known as Belvedere, is situated within a low-density enclave in Chung Hom Kok and presents an enticing opportunity for discerning buyers. The tender process is set to close at noon on April 28, as confirmed by JLL, the marketing agency managing the sale. Historical records indicate that this estate has been under the ownership of Remadour Estate since 1993.
Documentation from company filings highlights key shareholders involved, including Wah Ha Realty, Aik San Realty, and E. Tung Construction. Notably, members of the Cheung family are connected to these entities, suggesting a long-standing legacy tied to this prime real estate.
Originally completed in 1980, Belvedere boasts an impressive seafront footprint spanning approximately 21,170 square feet and features five elegantly designed two-storey houses. Collectively, these residences offer around 15,750 square feet of gross floor area alongside twelve designated parking spaces for added convenience.
Potential buyers should note that this property will be sold on an “as-is” basis and will be subject to any existing tenancies or licenses associated with it. This aspect may influence buyer evaluations as they consider future development possibilities.
In recent trends observed within Hong Kong’s housing market, properties with dimensions exceeding 1,076 square feet have recorded price appreciations of about 2.9 percent over the past year. Such data underscores a shifting sentiment among luxury home buyers who may now view this as an opportune moment to invest.
The Cheung family’s heritage traces back to Cheung Yik-chong, a notable entrepreneur who amassed significant wealth through jewelry trading and real estate ventures in Singapore prior to World War II. This historical connection adds depth and prestige to the current offering.
For those interested in exploring high-end residential options within Hong Kong’s evolving market landscape, further details can be found at Chuan Grove Residences.
As Hong Kong continues its journey toward recovery post-pandemic, developments such as this underscore both opportunity and competition among prospective investors aiming for trophy homes in coveted locations like Chung Hom Kok. The upcoming tender could very well serve as a bellwether for future sales trends within this segment of the real estate market.
Source: Original Article