International real estate firm Savills is appointed by engagement of the owners as the sole agent for the tender sale of 30 Cape Road, Chung Hom Kok, Hong Kong (Rural Building Lot No. 1034 known as "The Property"). The tender, which will close at noon, 30 June 2022 (Thursday), involves the sale of a residential development consisting of thirty-two 2-storey houses with 64 car parks and caretaker staff quarter for domestic use.
The Property spans approximately 42,496 square feet in site area and sits in a tranquil corner of Chung Hom Kok overlooking the Stanley Bay, with Chung Hom Kok Beach and Stanley Ma Hang Park in the immediate catchment. Existing gross floor area is 31,565 square feet. As at October 2021, 90% of the houses comprising the Property have been rented, bringing in a steady stream of income.
Despite external uncertainties such as the pandemic, prolonged border closure and stock market turbulence, the market of over HK$500 million including large houses and redevelopment sites remained in demand and volume has stood fast, according to Savills data. For 2021 as a whole, townhouse prices increased by 5%. Among the submarkets, Southside (+6.3%) has surpassed the Peak (+4.3%) and overall (+5.3%) in terms of the growth in townhouse prices over the past four quarters.
Raymond Lee, Chief Executive Officer, Greater China of Savills said, "The huge market interest in prime residential was most shown by the record-breaking sale of the South Bay Road site in Repulse Bay. Given the increasing accommodation value of luxury site transactions (in the range of HK$500 million to HK$1,500 million) in 2021, it is clear that houses as well as redevelopment projects in prestigious locations are still highly sought after. We therefore expect strong interest in the Chung Hom Kok project."
Cherrie Lai, Senior Director & Head of Residential Sales, Development & Investment, Prestige Home, Savills, said, "Set in an affluent neighbourhood with easy access to the CBD (25-minute drive), the American Club in Tai Tam and Repulse Bay (7-minute drive), renowned schools and ample facilities in Stanley, the Property boasts not only some of the best sea view in Hong Kong but also a luxury lifestyle epitomized by the Monte Carlo Riviera. We expect keen interest in this unique offer that comes with significant development potential which is rarely seen in the Hong Kong market."