This Deep Water Bay Estate Sold for HKD 505 million (US $64.8 million)
CASE STUDY | HONG KONG, CHINA
Multi-Month Search Yields Major Hong Kong Sale
The Who: Amelia Ng of OKAY.com in Hong Kong
The What: Despite the pandemic and travel restrictions, Hong Kong’s luxury market produced a smattering of spectacular sales in 2021, including a HKD 505 million (US $64.8-million) deal for a prized property in the Deep Water Bay neighborhood. The roughly 4,597-square-foot residence is in one of the most exclusive areas in Hong Kong, says OKAY.com CEO Joshua Miller. In addition to privacy and expansive sea views, the residence features a 2,600-square-foot garden, a rarity in the densely populated city.
The How: Ng, who specializes in working with corporate executives from international corporations, assisted a long-term developer client in a multi month search to find a property in the neighborhood where homes rarely become available. Although the owner was outside of the country, they agreed to sell to the right buyer, and one of Hong Kong’s biggest sales of 2021 was struck.
Miller credits Ng's personal relationship with the buyer as a catalyst for the record deal. “As a prominent real estate developer, the purchaser could have worked with any of the luxury brokers in Hong Kong but chose to work with OKAY.com as they trusted the discretion and expertise of the agent. In addition, the property was off-market with the seller wishing complete discretion; hence, very little marketing was used for this transaction. Clients’ confidentiality is of utmost importance to us and we achieved the sale through highly targeted, discreet marketing.”
The sale, which was among the priciest of 2021 at US $14,000 per square foot, underscores the continued robust demand for Hong Kong real estate, Miller says. “Hong Kong is incredibly resilient. We have seen a resurgence in luxury purchasers this year, both local and from the mainland, and expect sentiment to remain strong.”