Hong Kong trophy-home demand runs deep, as Stanley luxury sale tops US$19m

In a recent luxury property sale in Hong Kong, a buyer bearing the same name as the founding chairwoman of a global immigration consultancy secured a detached house, House 11 at One Stanley, for over US$19 million. This marks the latest in a series of high-profile property deals in the area, as demand for such residences remains strong despite a broader market slowdown.

Yi Bing, who is also a director of GlobeVisa Group, the Hong Kong arm of the Singapore-based immigration consultancy, signed the agreement for HK$151.08 million (US$19.26 million) for the four-bedroom, 3,336 sq ft property on July 27. The price per square foot was HK$45,288.

One Stanley has witnessed multiple trophy-home sales recently. On the same day, a buyer known as Zhang Haiming acquired House 25 for HK$162.82 million, while in February, a family linked to Mongolia's largest mining conglomerate purchased a waterfront home for HK$247 million, with plans to use it as a retirement residence. These transactions come at a time when the overall luxury residential market in Hong Kong has become more subdued, affected by uncertainties surrounding mainland taxation of offshore investments and a slowdown in overall market momentum.

Despite this, several substantial deals at the top end of the market have demonstrated the depth of demand. For instance, a buyer connected to the wealthiest family in Ningbo recently bought a luxury villa in Hong Kong's Tai Po area for HK$145.6 million, and CK Asset's luxury project 21 Borrett Road saw two sales totaling HK$288 million in a single day.