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    24 Aug 2023

    CSI and others buy $850 million detached house on Middle Gap Road on the Peak


    The investment market sentiment is average. Traditional luxury houses are available at a price. With an active capital strategy in the market, we partnered with a fund to purchase a detached house on Middle Gap Road on the Peak from the Chuang’s major shareholder, the Chuang’s family. The price is close to $850 millio. The price is as high as $104,103.
    The detached house at No. 24, Middle Gap Road, held by the Zhuang family, the major shareholder of Chuang’s, was sold for 3.5 billion as early as 2018, and the price has been adjusted several times. At the peak of the residential property market in 2021, the asking price was raised to 3.8 billion. , since the 5th wave of the epidemic last year, the price has been significantly reduced to 2 billion. Earlier, the market was rumored that the property changed hands, but the news has not been confirmed. The new buyer has finally been announced. According to people familiar with the situation, the capital strategy partnered with a fund, close to The detached house was purchased for $850 million and will be used for reconstruction purposes. Based on the rebuildable floor area of ​​8,165 square feet, the floor price per square foot is about $104,103.
    The detached house is 2 storeys high, surrounded by greenery, and the environment is very quiet. The site area of ​​the project is about 16,330 square feet, and the maximum buildable area is about 8,165 square feet. According to market sources, because the property has a certain age, the information policy will be The big house will be sold after reconstruction. Based on the company's strategy and experience, it is believed that the big house will be popular after reconstruction.
    Buildable floor area 8165 square feet
    The detached house at No. 24, Middle Gap Road was originally owned by PCCW. It was the "Tapan House" of Zhang Yonglin, the former vice chairman of the group. It was purchased by the Zhuang family, the major shareholder of Chuang's Institution, for 141 million in 2004. It has been held for 19 years , The book profit is about 709 million, and the property appreciation is about 5 times.