The current trend in Hong Kong is for developers to launch small, affordable flats targeted at first-time buyers. However, there are some who are going in the other direction, building massive houses that are a rarity in the city.
Kerry Properties, which focuses on the top-end of the luxury residential market, will soon release three houses measuring over 11,000 square feet each at Mont Verra in Beacon Hill, Kowloon Tong.
“Such exclusive, brand new large mansions are extremely rare in Hong Kong,” said Calvin Tong, general manager of Kerry Properties (Hong Kong), adding that the initial response from prospective clients has been favourable.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
He said that high-level businessmen, heads of listed companies, rich local families and even some mainland Chinese clients have viewed the property during their visit to the city.
Hong Kong’s super deluxe residential market, largely dominated by mainland Chinese buyers, remained unscathed despite the city imposing one of the world’s toughest travel restrictions as part of its zero-Covid-19 policy. Transactions of luxury houses reached HK$5.1 billion (US$654.5 million) in the third quarter, the highest since last year’s fourth quarter when deals touched HK$5.5 billion, according to data from Centaline Property Agency.
Tong said the prices at Mont Verra have not been finalised, but he expects them to set a benchmark for luxury residences in Kowloon.
In May, a 5,422 sq ft house with a 2,149 sq ft garden at Mont Rouge, another project built by Kerry Properties next to Mont Verra, fetched HK$374 million (US$48 million), or HK$68,976 per square foot.
In 2019, a 3,017 sq ft flat at Mont Rouge fetched HK$307 million, or HK$100,200 per square foot.
The three houses at Mont Verra range from 11,382 sq ft to 11,692 sq ft. The four to five-bedroom mansions come with a banquet hall, entertainment room, theatre, library, gymnasium and as many as 10 bathrooms and five maid rooms.
Each two-storey house also comes with a private lift, 15,000 sq ft of outdoor space, swimming pool and parking space for two cars in the basement.
Tong said that as security of the occupants was paramount, a lot of thought was put into the design. “There is an air-conditioned safe room, which is bulletproof and fireproof, enough for eight people,” he said.
The mansion can also be used to host weddings and other large gatherings.
If the owner wants additional space, the floor of the outdoor swimming pool can be raised to ground level within 30 minutes, Tong said, adding that this was a totally new concept in Hong Kong’s property market.
The smallest mansion at Mont Verra is nearly 25 per cent bigger than the 9,212 sq ft house at 15 Gough Hill Road, The Peak, which was sold to Chen Hongtian, a major shareholder of Shenzhen-based developer China South City. The property, which sold for HK$2.1 billion in 2016, holds the current record for the most expensive house in Asia.
Besides the three mansions at Mont Verra, the development also includes 61 apartments in five, seven-storey residential blocks. The flats range from 3,466 sq ft to 8,583 sq ft.
“We have clients – mainland businessmen – looking for big houses and apartments that can also be used to entertain their business partners,” said Koh Keng-shing, chief executive and founder of Landscope Christie’s International Real Estate.
They like houses that are larger than 7,000 sq ft and flats in the 3,000 sq ft to 4,000 sq ft, he said.
CSI Properties, which is developing the Cadenza luxury residential project in Kwu Tung in the New Territories, plans to soon release five villas, each measuring nearly 7,000 sq ft.
In August, K Wah International Holdings and Chuang’s Consortium International said they planned to build an eight-storey, vertical villa at 28 Po Shan Road, Mid-Levels.
The building will have 44,388 sq ft of space over eight floors, complete with a 4,446 sq ft garden and 2,197 sq ft roof terrace, according to its building plan.
Landscope Christie’s Koh said buyers of such exclusive houses were discerning.
“Budget is not their top priority, they are more concerned about the design and building quality,” he said.
More from South China Morning Post: