Hysan Development sold three units at its Bamboo Grove luxury complex in Hong Kong’s Mid-Levels for a total of HK$133 million (US$17 million), two of which were bought by the company’s chairwoman Irene Lee Yun-lien’s son, Nicolas Hugh Ingram, while the third was acquired by the wife of non-executive director Lee Chien.
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The transactions, disclosed by the company on Friday, are expected to yield a total gain of about HK$49.3 million for the developer. The proceeds would be allocated for general working capital, according to the company.
Ingram purchased two units, measuring 1,451 and 1,503 sq ft, for HK$77.23 million, which breaks down to about HK$26,000 per square foot. Sharp Focus, owned entirely by Lee Chien’s wife Kitty Chou Hok-yee, bought a 2,191 sq ft flat for HK$56.39 million, which translates to roughly HK$25,700 per square foot.
Bamboo Grove on Kennedy Road has been held by Hysan as a rental property since its completion in 1985. The development consists of six buildings with 345 units and 436 parking spaces, primarily catering to senior executives. The flats range from about 730 to 4,804 sq ft, with layouts that include one to six bedrooms.
In August, Hysan began offloading units from two of the buildings and some parking spaces in phases, as it shifted away from a pure leasing model. Earlier sales included 10 units and parking spaces that fetched more than HK$370 million.
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