CBRE Appointed as the Sole Agent for the Sale of En-bloc at No. 25 Plantation Road

CBRE has been appointed as Sole Agent for the sale of the residential en-bloc at No. 25 Plantation Road. The property will be sold via private treaty. 

Located at the traditional luxury residential area of The Peak, Plantation Road is homes for many tycoons and celebrities. A property on The Peak is regarded as a symbol of prestige, especially those facing Victoria Harbour, which are even more valuable. However, supply in the area has always been limited. The luxury property at No. 25 Plantation Road, held by an established family, is an single lot with a site area of approx. 6,040 sq. ft. It features a four-storey residential building with a garage, boasting a total saleable area of approx. 8,499 sq. ft. If the site is redeveloped, the plot ratio could potentially be up to 1.0x or even more (subject to final government approval), resulting in a higher density compared to the general area of The Peak. Not all top-tier luxury homes on The Peak can enjoy the magnificent views of Victoria Harbour. In terms of views, properties can be divided into two categories: Victoria Harbour view and Southern District seaview. Among them, properties that can simultaneously enjoy both the dazzling night view of Victoria Harbour and the sea view of the South District are rare, and No. 25 Plantation Road is one of them.

Zac Wong, Senior Director, Capital Markets, CBRE Hong Kong said: “Despite the market fluctuation in the Hong Kong in recent years, ultra-luxury homes have remained stable, with multiple transactions exceeding hundreds of millions of dollars recorded in The Peak last year. For example, No. 28 Peak Road was sold at HK$1.05 billion, translating into a unit price of approx. HK$117,845 per sq. ft. and No. 46 Plantation Road, which has a close proximity to our Subject Property, also sold at HK$1.1 billion, which is equivalent to HK$68,183 per sq. ft. in terms of accommodation value. Besides, there are also a number of significant transactions in ultra-luxury residential market for the past month, including a penthouse at OPUS HONG KONG, No. 53 Stubbs Road was sold for approx. HK$512 million, with a unit price of approx. HK$94,048 per sq. ft. Also, the last villa of MONT VERRA at No. 3 Lung Kui Road on Beacon Hill was sold for HK$1 billion, with a unit price of approx. HK$85,529 per sq. ft. All these transactions show that Hong Kong remains a popular place for global wealthy individuals."

The owner has held the property for over 30 years and is now officially putting it on the market for the first time. The current asking price is HK$398 million, with a saleable unit price of only HK$46,829 per sq. ft., which is more attractive compared to the general unit price of HK$80,000 – 100,000 per sq. ft. on The Peak. It is also the only single lot property on The Peak priced under HK$400 million, making it a rare opportunity. The next owner can consider renovating the entire building to create a unique mansion or merge it with adjacent plots for large-scale development, offering flexible investment options. The property is expected to attract interest from local and mainland wealthy individuals, high-net-worth families, local conglomerates, and developers.

For any additional details about the Property, please contact Mr. Zac Wong, Senior Director (Tel: +852 9583 4716), or Mr. Ray Chan, Senior Manager (Tel.: +852 6103 5679) of Capital Markets, CBRE Hong Kong. 

Property Advertising Number: CBRE-CM-ADV-5161