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South China Morning Post
28-05-2025
- Business
- South China Morning Post
Hong Kong's Gale Well continues asset-sale plan with US$66 million luxury Stanley property
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. 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.
South China Morning Post
20-05-2025
- Business
- South China Morning Post
Cassette King's US$55 million Hong Kong luxury house put on market amid distress
A luxury detached house in Pok Fu Lam, owned by Hong Kong's 'Cassette King' David Chan Ping-chi, has been put on the market by the receivers in yet another distressed sale in the city, after lender Fubon Bank seized the property to recover unpaid debt. The sea-view property at 188 Victoria Road, valued at HK$430 million (US$55 million), comprises a three-storey house with a basement and features a private driveway that ensures a high level of privacy, Savills, the sole marketing agent, said on Monday. It includes an 18,000 sq ft garden. The house would be sold on an 'as-is' basis with vacant possession, Savills said. It would receive expressions of interest until noon on July 8, it added. 'The property is a rare sea-view residential single lot in the area,' said Raymond Wan, chief senior director of investment at Savills Hong Kong. 'The owner has occupied it since the 1980s' and it was likely to attract significant market attention, he added. David Chan Ping-chi has been selling some of his prized assets in Hong Kong. Photo: SCMP Creditors have racked up distressed sales of properties in recent months amid pressure on borrowers to service their loans. Interest rates in Hong Kong, which track policy moves in the US, reached the highest levels since 2007 before the Federal Reserve started cutting rates from September last year, crippling many overstretched borrowers.
