Tue. Jun 6th, 2023

Want to be neighbors with billionaire Li Ka-shing, who ranks as #37 on Forbes Billionaires? Perhaps you should move to Shouson Hill, one of Hong Kong’s most exclusive neighborhoods where several influential wealthy individuals, including Ka-shing and the co-founders of Alibaba, call home.

In fact, this neighborhood just experienced the most expensive residential real estate transaction just days ago. No. 15 Shouson broke this year’s sales price record when House 7 within the development sold for $111 million. Co-developed by Emperor International Holdings Ltd., CC Land Holdings Ltd., Mingfa Group International Co., and CSI Properties Ltd., the home spans 8,032 square feet and has six bedrooms, a swimming pool, private garden, elevator, and parking space. It’s located on the southern side of Hong Kong Island, home to many tycoons and wealthy business people. The buyer hasn’t been identified.

No. 15 Shouson contains 15 detached homes, and House 7 is the first home that was purchased within this development. It’s just one of two houses (the other being House 6) that became available last week. In a press release from Emperor International, layouts will range in size from 3,727 to 12,073 square feet and will be one of the few Hong Kong developments to have homes upwards of 10,000 square feet. Of the 15 homes, 13 will have private pools. It’s clear why the wealthy set might be attracted to this area of Hong Kong: Views include that of Mount Cameron, Bennet’s Hill, Mount Nicholson, and more, and the homes are ensconced in privacy thanks to the surrounding lush foliage.

Not just that but the exclusive Hong Kong Golf Club and Aberdeen Marina are quite close nearby, offering premier access to golfing and boating in the region.

“As the pandemic slows down and Hong Kong’s economy gradually returns to normal, the group expects that the high-end residential market shall follow,” said Alex Yeung, vice chairman of Emperor International, in a press release sent out in May. “With No. 15 Shouson’s prime location and its exquisite design from inside and out, I believe that the launch will be a market spotlight.”

In early 2022, Hong Kong was battling with yet another strong wave of the pandemic, and now stringent restrictions are appearing to ease. Even as the world’s luxury market remained strong over the past year, Hong Kong was slow to follow. Hong Kong’s stock market also rapidly tumbled earlier this year at one of the fastest global rates. Now, it’s gaining momentum with many notable transactions over the past few months. This could be a sign that the market is beginning to gain traction again.

In the U.S., however, there has been much movement in the luxury market, even as increasing interest rates strain the housing market as a whole. Home prices have surged up to 20.6%, but this hasn’t stopped luxury buyers from making major transactions. Just take billionaire Larry Ellison’s $173 million Palm Beach purchase, which broke Florida records as the most expensive residential sale in the state’s history.

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