The house at Royal Castle on Pik Sha Road, spanning 210 square meters, include four bedrooms, a garden, a swimming pool, and a rooftop terrace, according to local newspaper Hong Kong 01.
The house was first listed several years ago for HKD168 million. Leong purchased the house through a company in early 2012 for HKD68.8 million. After holding it for 14 years, she made a profit of HKD1.2 million.
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Royal Castle, Pik Sha Road, Hong Kong. Photo via Google Maps |
Leong is co-chairwoman and the largest individual shareholder of casino company SJM Holdings, which operates five casinos in Macau. She is worth $2 billion, according to Forbes.
In the Sai Kung area, where the house is located, some luxury homeowners had recently become willing to negotiate discounts of up to 10%, helping lift the number of high-value transactions, said Frankie Liu, sales director at Century 21 Goodwin Property, as quoted by South China Morning Post.
“With the batch of discounted luxury homes now cleared, I expect luxury residential transaction activity in the area to slow down in the fourth quarter,” he added.
In The Peak and Southern districts, recent deals have mainly involved established luxury estates, with local tycoons buying homes to upgrade, said Joseph Yan, senior principal district sales director at Centaline Property.
On September 17, the Hong Kong Monetary Authority raised the city’s base interest rate to 4.25% after the U.S. Federal Reserve increased its target range.
Hong Kong’s three note-issuing banks did not follow. Analysts said another Fed increase at its late-October meeting could prompt the city’s lenders to adjust their rates.
Hong Kong was named the world’s most expensive residential property market this year by Deutsche Bank. It is also the second-largest super prime residential market in the world behind Dubai. In the second quarter, Hong Kong’s transactions of homes priced $10 million or more jumped 75% to $1.67 billion, according to property consultancy Knight Frank.