Property prices in land-starved Hongkong have always been super high, but according to this report, 67-year-old Eric just made an enormous profit — we’re talking millions here — from the sale of this mansion he bought in 1988.
After 32 years, it appears that the value has increased astronomically, with Eric selling his mansion to a buyer for a whopping HKD$100mil (S$17.5mil). Yup, your eyes aren’t deceiving you. Eric just earned S$16.8mil from that sale.
The insider then went on to share that the buyer apparently owns another mansion in the same development. Fellow celeb Liza Wang also owns a mansion there, having bought it for HKD$2.93mil (S$513,000) in 1987. She currently lives there as well. When reached for a comment, Liza shared that she has no intentions to sell her home, and that the sky-high price of said property was beyond her expectations.
Pearl's Hill is a tall hill almost the height of Fort Canning Hill and it is located right smack in the city surrounded by Clark Quay, Tiong Bahru, Chinatown, Outram Park and Tanjong Pagar. The location of One Pearl Bank is both rare and enviable for property investors and homebuyers and it offers a very privileged chance of living on top of a hill in Singapore - something few can enjoy in land scare Singapore. Truly a collectors gem and an iconic building to replace the old Pearl Bank apt.
When the Pavilia Farm development in the New Territories district opened for subscription on 17 Oct 2020, eager buyers stocked up on food and water as they prepared for a long wait at the end of a snaking queue where signs read: "Expected waiting time: 8 hours."
The condo project, attractively priced and close to the busy Kowloon district, received close to 23,000 subscriptions for its first phase of 391 units. When completed in late 2022 it will have 3,000 apartments. All 391 units were sold, with prices from Singapore dollars $3,7xx psf onwards (HK$21,000 psf) the developer will be launched more units soon possibly at higher prices after seeing the take-up at Pavilia being the strongest in more than 20 years in one of the world's most expensive property markets and matched the frenzy seen at the time of the 1997 handover of the former British colony to China.
It is interesting to note that this rush to buy property in Hong Kong comes after social upheaval in the past year over China's plans to introduce a national security law in Hong Kong, which has led many investors to question the future of the global financial hub.
Real estate advisor Kiwi Lim from Huttons Asia believes that as Singapore looks to open the doors to Hongkongers thru our special travel bubble arrangement allowing Hongkongers to visit Singapore without needing to appy for special business visas, we may see an increase in property demand here.