International real estate firm Savills has been appointed as the sole agent for the transfer of a business, which asset includes a residential site at No. 94 Repulse Bay Road ("The Site"). The Site has an area of approximately 29,909 square feet. According to the Outline Zoning Plans from the Town Planning Board, the area is restricted to approximately 26,918 square feet (with a plot ratio calculated at 0.9).
The Site is ideally located in the Repulse Bay area which is a preferred residence for celebrities and top affluent individuals in Hong Kong. Supply in Repulse Bay is extremely rare, and this approximately 30,000 square foot residential site is the largest single lot in the private market of the area, offering stunning views of Repulse Bay. The Site is nestled between the mountains and the sea, providing a tranquil and elegant environment. It is just a 10-minute walk to Repulse Bay Beach, with nearby amenities including THE PULSE shopping mall, The Hong Kong Golf Club, The Hong Kong Country Club, and the Hong Kong International School. It is like a serene oasis in the city, allowing you to enjoy a relaxed lifestyle amidst the hustle and bustle.
Mr. Raymond Lee, Chief Executive Officer at Savills Greater Chinasaid, “Recently, the U.S. Federal Reserve announced a further interest rate cut by 0.25%, officially initiating a rate-cutting cycle. This move is expected to lower interest costs and attract more buyers to the market, particularly owner-occupiers.”
Mr. Thomas See, Senior Associate Director, Investment CEO Office at Savills Hong Kongsaid, “Single lots in Repulse Bay have always been extremely rare, and an approximately 30,000 square foot seaside site is particularly hard to come by, attracting enthusiastic interest from buyers and developers. In 2020, the nearby site at 92 Repulse Bay Road was acquired by CSI Properties at an accommodation value of approximately HKD 71,902 per square foot, while the adjacent crown land on South Bay Road was sold to SEA Group in 2022 at an accommodation value of approximately HKD 62,352 per square foot. Currently, the indicative prices for transfers in the market have significantly decreased compared to the transaction prices of the past few years, presenting a good opportunity for both users and investors to enter the market.”