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The CEO of PAG, a global investment company, has purchased a waterfront villa situated in the Pok Fu Lam district of Hong Kong, which is more than a century old, for a sum of HKD550 million (USD70.1 million).
According to official documents, Christopher Marcus Gradel has obtained ownership of Villa Ellenbud, a Grade III historical structure constructed during the 1920s. Two residences are situated on the property at Nos. 50 and 52, which span approximately 19,500 square feet and boast stunning ocean vistas as well as a garden area.
Property consultancy Colliers, acting as the exclusive agent for the property, has announced that houses No. 50 and 52 Sassoon Road have the potential to undergo redevelopment into two magnificent mansions that can offer a combined floor space of 14,625 sq. ft. Colliers declined to provide additional information regarding the agreement.
The dwelling originally served as the home of a physician until his relatives gifted it to a church following his passing. Some months ago, the church decided to market it for purchase. Villa Ellenbud's sale coincides with Hong Kong's luxury housing boom.
Midland Realty's data shows that the volume of transactions for newly-built homes valued at over HK$50 million has risen by an impressive 197.8% to reach a four-year peak of 134 deals as of May 16th of this year, as compared to only 45 deals recorded during the same period in 2022. Kowloon had 91 deals over HK$50 million, Hong Kong Island had 27, and the New Territories had 16 transactions.
Recently, the residential real estate market in Hong Kong has experienced a surge following the recent increases in interest rates in the United States. The Centaline Property Agency's Centa-City Leading Index (CCL), a measure of the cost of inhabited dwellings, experienced an increase of 0.68 percent to reach 167.91 on Thursday. This represents a total three-week increase of 1.71 percent.
According to Roen Yeung, a senior associate director at Centaline's research department, the secondary market in the city has experienced a temporary recovery and steadiness due to homebuyers' anticipation that the rate hike cycle will come to an end.
Southern Hong Kong properties for redevelopment are rare for sale. Villa Ellenbud is near Cyberport and upscale residences like Residence Bel-Air and Baguio Villa. The property is situated in a cul-de-sac of the wealthy and famous; at the start of Sassoon Road is Stone Manor, the late residence of Hong Kong tycoon Henry Fok. According to reports from local media, Gradel, who is the co-founder and CEO of PAG, paid a stamp duty of 4.25 percent for the property, indicating that he may be a first-time homebuyer in the area.
The purchaser of a six-house development at 66 Deep Water Bay Road has been identified as Jean Salata, the original partner of Baring Private Equity Asia. According to industry sources, Salata purchased a residential property in Hong Kong for HK$ 3.6 billion, which equates to HK$ 218,818 per square foot, making it the fourth-most expensive property per square foot in the city.
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