Hong Kong's Peak area is one of the world's most prestigious luxury residential enclaves, but the secondary market for luxury homes there is now experiencing a severe price correction. Even a property owned by Oscar-winning actor Chow Yun-fat has struggled to sell after four years on the market, forcing a significant reduction in the asking price.
On July 29, data from the Hong Kong Land Registry, combined with reports from the Hong Kong Economic Journal, revealed that the "Sunshine Garden" house at 48 Mount Collinson Road, owned by Chow Yun-fat and his wife, Jasmine Chan, through their company Cassia Hill Limited, has had its asking price reduced to HK$160 million in July. This represents a drop of HK$35 million, or 17.9%, from the December 2024 asking price of HK$195 million. Compared to the initial listing price of HK$220 million in October 2022, the property has seen a cumulative price cut of HK$60 million in less than four years.
Documents from the Hong Kong Land Registry show that Cassia Hill Limited signed a provisional sale and purchase agreement in September 2010 and completed the purchase of the property for HK$128 million in January 2011, setting a historical record for the highest unit price per square foot in the development. Market sources indicate the property has a usable area of 2,547 square feet, along with an approximately 2,000-square-foot garden, a 700-square-foot rooftop, and two parking spaces. The current average price per square foot is about HK$62,819.
Despite Chow's significant price reduction, the average price per square foot for this property remains relatively high. A check of the Midland Realty website shows two other houses in the same "Sunshine Garden" development listed for sale through the agency. One, with a usable area of 1,690 square feet, is priced at HK$73.32 million, or HK$43,385 per square foot. The other, also 1,690 square feet, is listed at HK$100 million, or HK$59,172 per square foot.
Chow Yun-fat is one of the most well-known property tycoons in Hong Kong's entertainment industry. It is reported that he and related parties hold multiple residential units and a piece of land located in the Peak, Kowloon Tong, Prince Edward, and Sai Kung areas, with a total market value exceeding HK$1 billion. This price reduction marks the second time this year that Chow's property sales have drawn public attention. In April, media reports stated that he sold a mid-level three-bedroom unit at Ka Fai Terrace on Caine Road in the Mid-Levels West for HK$7.5 million. The unit was purchased by Chow and his wife for HK$3.92 million in 1995, held for 31 years. That sale was his first in 16 years.
Recently, reports of price cuts for luxury homes on Hong Kong Island's Peak have become frequent. According to the Hong Kong Economic Journal, since April, the traditional luxury residential area of the Peak has recorded at least eight cases of price reductions on luxury listings. The original asking prices for these properties ranged from HK$98 million to HK$890 million, with the latest asking prices adjusted to between HK$90 million and HK$673 million. The most significant reduction came from units A and B on the lower second floor of Mount Nicholson Phase 2, totaling 8,850 square feet and held by a single owner. These two units, along with two parking spaces, were originally listed for HK$890 million. In April, the asking price was slashed by 24.4% to HK$673 million. The current intended price for this property has not yet been disclosed. Mount Nicholson, located at 8 Mount Nicholson Road on Hong Kong Island, is the most expensive residential development in Asia by price per square foot for strata-titled units, earning it the nickname "Asia's King of Homes."
Cover image source: National Business Daily Media Library