K&K Property has sold a four bedroom house at its One Stanley development in Stanley for HK$147 million, underscoring continued demand for high value homes in one of Hong Kong’s most exclusive residential districts.
House 29 was sold through a tender that closed on Friday. The property covers 3,382 square feet and features four bedrooms, putting the transaction firmly within Hong Kong’s super luxury residential market.
The sale comes as the number of large houses available at the project continues to shrink. According to Tony Cheng, K&K Property’s investment and sales director, only one comparable house remains available for purchase at the development.
Only One Comparable House Remains
Cheng said the supply of available units at One Stanley has become increasingly limited, with House 26 now the only property on the market that is similar to House 29.
The scarcity of comparable houses gives the latest transaction added significance. Large homes at the development are no longer being offered in substantial numbers, meaning buyers seeking properties of a similar scale have fewer choices within the project.
House 29's HK$147 million sale also demonstrates the level of capital buyers are willing to commit to premium residential properties in Stanley. The transaction works out to roughly HK$43,465 per square foot based on the property's 3,382 square foot size.
For the developer, the sale adds another major transaction to an already strong year of sales.
26 Units Sold This Year
K&K Property has sold 26 units at One Stanley so far this year, Cheng said. The transactions include 10 houses and 16 special units.
The houses have all generated transactions worth more than HK$100 million, indicating that the project's larger properties continue to attract buyers prepared to make substantial investments in Hong Kong's luxury housing market.
The development has now recorded 58 unit sales since its launch, with the combined transaction value exceeding HK$6.2 billion.
The figures point to a concentration of value in the project's larger homes. Although houses represent only part of the units sold this year, each transaction has crossed the HK$100 million mark, contributing significantly to the overall sales value.
The latest HK$147 million transaction adds to that record and leaves only a limited number of comparable houses available at the project.
Luxury Housing Market Remains in Focus
The One Stanley transaction comes as Hong Kong's high end property market continues to attract attention from developers, investors and wealthy homebuyers.
Cheng said K&K Property remains confident about the outlook for super luxury homes. He expects prices in the luxury residential segment to rise between 15 and 20 percent this year.
That forecast would represent a substantial increase and reflects the company's view that demand for premium homes can withstand wider changes in the property market.
Super luxury properties operate differently from the mass residential market. Buyers in this segment are generally less dependent on conventional mortgage financing, while the limited number of large houses in sought after locations can create competition when suitable properties become available.
Stanley, on the southern side of Hong Kong Island, has long been associated with low density residential developments and larger homes. Its coastal setting and established community have helped maintain its appeal among affluent buyers seeking more space and privacy.
Policy Announcements Could Shape Market Sentiment
Cheng also pointed to two major government announcements expected next week: Hong Kong's first Five Year Plan and the Policy Address.
He said K&K Property expects the measures and plans announced by the government to support Hong Kong's future economic and property market development.
The announcements will be closely watched by the real estate industry because government policies can influence land supply, housing demand, infrastructure investment and broader business confidence.
For developers operating at the luxury end of the market, the economic outlook is particularly important. High value transactions often depend on confidence among wealthy buyers, many of whom consider Hong Kong's wider economic prospects when making major property purchases.
Cheng said the company believes Hong Kong can continue to build on its existing advantages and expects the city's property market to benefit from future development plans.
Scarcity Gives Remaining Houses Added Attention
With House 29 now sold, House 26 has become the only comparable house currently available at One Stanley, according to Cheng.
That leaves a narrow window for buyers specifically looking for a house of a similar size and type within the development. The limited choice could also provide the remaining property with greater visibility among prospective purchasers.
The latest transaction demonstrates how individual sales can have a significant impact on the luxury property market. A single house changing hands for HK$147 million is equivalent to a major commercial transaction, yet such deals remain an established feature of Hong Kong's high end residential sector.
The 3,382 square foot House 29 offered four bedrooms, providing the kind of space that is difficult to replicate in smaller residential developments. For buyers seeking larger homes in established locations, the availability of comparable properties can therefore matter as much as headline pricing.
K&K Sees Room for Further Price Growth
K&K Property's expectations for a 15 to 20 percent increase in luxury home prices this year suggest that the developer sees room for further gains despite the broader challenges facing Hong Kong's property market.
The company's sales record at One Stanley provides part of the basis for that confidence. Twenty six units have changed hands this year, including 10 houses and 16 special units, while total project sales have reached 58 units worth more than HK$6.2 billion.
The fact that every house sold this year exceeded HK$100 million also shows the depth of demand at the upper end of the market.
The next test will be whether that demand extends to the remaining properties and whether buyers accept higher prices as the supply of large luxury homes becomes increasingly restricted.
For now, the HK$147 million sale of House 29 has established another high value transaction at One Stanley and left House 26 as the project's only comparable house available for sale.
With luxury home prices forecast to rise by up to 20 percent this year, would you consider buying a super luxury property in Hong Kong while supply remains limited?