The property at Plantation Road 11 in Hong Kong.
Source: Wheelock Properties (Hong Kong) Ltd.
Source: Wheelock Properties (Hong Kong) Ltd.
The luxury real estate market in Hong Kong has set another record as the recovery from the pandemic gains steam.
Wharf Holdings Ltd. has a luxury house in his rental 11 Plantation Road project on the peak for HK $ 1.35 million ($ 174,000) per month, it said in a statement late Tuesday. That equates to more than $ 2 million a year for the unknown tenant.
According to Louis Ho, chief sales director at Centaline Property Agency Ltd., the rent is the highest for a house in Hong Kong. purchase arises, ”said Ho.
The 1,804-square-foot (1004-square-foot) house, which overlooks Victoria Harbor, boasts a private garage, a garden and an elevator. Wharf plans to sell four of its seven homes at 11 Plantation Road, while the rest is leased for rental income.
According to Thomas Lam, executive director of Knight Frank LLP, the developer probably spurred a rare household offering on the Peak and the time-consuming nature of luxury sales.
The property at Plantation Road 11 in Hong Kong.
Source: Wheelock Properties (Hong Kong) Ltd.
“It takes a long time to sell a house,” Lam said. ‘They will have stock to sell anyway. Renting some homes with substantial rents can stimulate the market while providing you with rental income. ”
The city’s high-end residential market has recently broken a record with the sale of apartments and land. Last month, CK Asset Holdings Ltd. rented a luxury apartment for 459 million HK the highest for such a property in Asia.
In the same month, a consortium led by Wharf acquired a residential plot on the spot for a record price per square foot in Hong Kong.