20 Apr 2023
Manhattan Tower top floor duplex sold for $123 million
Thanks to the customs clearance effect, the luxury housing market has become more active, and there are many large-scale transactions. According to market sources, one of the top-floor duplex units in Manhattan Tower, a landmark luxury residence in the southern district of Hong Kong Island and rarely traded, has just changed hands for $123 million including 3 parking spaces, and the price per square foot is more than $55,000. Both the transaction price and the price per square foot hit a new high for the project.
According to news, the penthouse duplex unit that just changed hands has an area of 2,215 square feet, including a 1,186-square-foot platform and an 837-square-foot roof. It is understood that the original owner of the unit spent $34.18 million to buy it in May 1996, and resold it after holding the goods for nearly 27 years, with a book profit of $88.82 million.
Holding the goods for 27 years earned $88.82 million
Manhattan Tower, located at No. 63 Repulse Bay Road, is developed by Tian Beijun's Wantai Group. There are only 40 units in the project. Since the group still holds most of the units for rent collection, and the owner is either rich or expensive, there are very few transactions , The last transaction was already in November 2021. At that time, a high-rise unit B with an area of 1,999 square feet was sold for about $90 million, and the price per square foot was about $45,023. The market rumored that the buyer was a member of the Vitasoy Roche family.
The news also revealed that the low-floor unit C of Pearl Gardens in Mid-Levels West, with an area of 1,900 square feet, was sold for $40.38 million and 1 parking space, and the price per square foot was $21,253; a high-rise unit A of Beauty Court in the same district, with an area of 1,425 square feet, was recently sold for $36.5 million, the price per square foot is about $25,614.
In fact, recent luxury houses have frequently recorded large-scale transactions. For example, Room B, a high-rise building in Block 3, Mid-Levels Garden Terrace, with an area of 2,828 square feet, 3 bedrooms and a study room, was recently sold for about $100 million, with a price of $35,361 per square foot. The original owner of the unit was in In November 1999, he spent $22.5 million to buy it, and resold it after holding the property for more than 23 years, with a book profit of $80.5 million.
No. 45 Island Road was occupied in 1992. There are 14 houses in the whole estate, and there are two strata houses A and B, each with 3 floors. House No. 11 for sale is located in the front row of the housing estate, with an area of about 2337.94 square feet, including a roof area of about 540 square feet and a garden of about 829 square feet.
With the comprehensive customs clearance between the mainland and Hong Kong, the long-standing purchasing power of the mainland has been gradually released, which is good for the overall property market in Hong Kong, especially the luxury housing market.