Singapore property clan puts rare Hong Kong estate up for US$38.4 million tender

A Singapore-rooted property family has put a rare residential estate in Hong Kong’s Southern district up for tender at about HK$300 million (US$38.4 million), testing demand for trophy homes as the city’s luxury housing market shows early signs of recovery despite soft prices. The tender for Belvedere, a low-density compound in Chung Hom Kok, would close at noon on April 28, according to marketing agent JLL. The property had been held by Remadour Estate since 1993, Land Registry records showed. Company filings showed the firm’s shareholders included Wah Ha Realty, Aik San Realty and E. Tung Construction. Directors included Cheung Kee Wee, Cheung Lin Wee and Eric Cheung Ying Wai, linking the ownership to branches of the Cheung family. Completed in 1980, the estate sits on a 21,170 sq ft seafront site and comprises five two-storey houses with a combined gross floor area of about 15,750 sq ft. The compound includes 12 private parking spaces. The property will be sold on an “as-is” basis and subject to existing tenancies or licences. The Cheung family traces its wealth to Cheung Yik-chong, an entrepreneur who built a fortune in Singapore before World War II through jewellery trading and property investment. His son Cheung Kung Hai later expanded the family’s presence in Hong Kong by founding Wah Ha Realty and became known as the city’s “king of industrial buildings” for his extensive holdings of factory and commercial properties. Members of the younger generation include Derek Cheung, grandson of Cheung Kung Hai and founder of Hong Kong E-sports, who was previously named to the Forbes 30 Under 30 Asia. The sale comes as a growing number of trophy homes are being tested on the market after several subdued years for Hong Kong’s luxury housing segment. Prices of homes measuring at least 1,076 sq ft rose about 2.9 per cent last year, though they remain roughly 19 per cent below their 2021 peak. In January, 26 such deals worth about HK$5.3 billion were recorded, according to Centaline. The softer pricing has begun to draw interest from wealthy mainland buyers seeking rare assets in prime districts, while some long-time local investors have taken advantage of the pickup in transactions to reshuffle portfolios or cash out. “Many buyers are looking for luxury houses,” said Joseph Tsang, chairman of JLL in Hong Kong, adding that the renewed interest has encouraged some landlords to test the market by putting high-end properties up for sale. Recent deals include the sale of a flat at Mount Nicholson on The Peak by shops tycoon Edwin Leong Siu-hung to a mainland entrepreneur. Leong said he decided to sell after the unit became vacant, citing weak rental returns of about 1 to 2 per cent.