Hong Kong property investment firm Gale Well Group put a luxury property site in Stanley on the block for HK$520 million (US$66.3 million), as it continues its campaign to divest and deleverage amid a prolonged downturn in the city’s real estate market.
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The 26,600 sq ft site, located at 8 Stanley Beach Road, has three blocks of flats that are three stories each, with a total of nine units and 10 car parking spaces.
Some flats are vacant, some have tenants and the property will be sold on an “as-is” basis, said Savills, the sole agent for the sale, in a press release on Wednesday.
Each floor in the property offers a saleable area of around 2,095 sq ft and each block features a private swimming pool. The property is a one-minute walk away from Stanley Main Beach, Savills said.
Raymond Wan, chief senior director of investment at Savills in Hong Kong, said the property had a maximum redevelopment area of 19,950 sq ft.
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Compared with recent luxury home transactions in the Southern district – including One Stanley, Pok Fu Lam Road 138, and Mount Pokfulam, which achieved unit prices of HK$48,000 to HK$49,415 per square foot, the 8 Stanley Beach Road property had an attractive price point of around HK$27,583 per square foot, Wan said.