5-bedroom sold for RM329 million. Hong Kong lah.

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I am very sure many would be asking if the price is for real. Well, this was reported in Singapore’s leading property portal, propertyguru.com.sg  One five-bedroom luxury villa in Hong Kong has been sold for HK$630 million (RM329 million) by property developer Wheelock Properties. It was sold to an unidentified buyer, reported by Bloomberg. It was not even the first. This is already the third luxury home that Wheelock has sold at the Mount Nicholson project, which it is jointly developing with Nan Fung Development. The sale price for the first two previous villas sold was higher than this one. This third unit was sold with an 11 percent discount compared to the first villa Wheelock sold in February. The second villa was sold in April for HK$740 million.

The article stated that prices are lower due to the downturn in the broader property market. According to Wheelock’s Assistant General Manager of Project Marketing Cello Chan, the price difference does not mean anything because all three units were different from one another. He mentioned, “Every villa has a different-sized garden, pool and location, so direct comparisons aren’t possible.” It was not reported on the actual size comparisons for all three but this third unit has the following features. It is 8,054 sq ft and it comes with a 5,906 sq ft garden, underground parking for two cars and a private swimming pool.

hong kongThere is no way that a full-time employee like me can even buy these luxury villas in Malaysia but I think this tells us one very important thing. Even during a downturn, people with deep pockets would still continue to buy. The truth is, even for Hong Kong, HK$630 million is hardly a small thing. Just watch TVB dramas and you would understand what I mean. Moving much further down the scale, even full-time employees who manages to identify a good value property, I think the best choice is to buy. It’s very true that this may not even be the lowest point yet but no one in the whole world would be able to tell you what is the lowest point. Looking at history however, as long as we buy what the average Malaysian would like, our investment should be safe. Happy deciding if you qualify to buy luxury villas.

written on 21 July 2016

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