Bank-Owned Repulse Bay Villa Listed at HK$2 Billion After Tai Lam Electrical Founder's Default
AM730 · 1 SOURCES1 day ago5 MIN
Summary
A luxury sea-view villa in Repulse Bay has become a bank-owned sale after its owner, Lam Jok-lai (林作禮), the second-generation heir of the defunct Tai Lam Electrical Company, defaulted on payments. CBRE has listed the property at an asking price of HK$2 billion, translating to approximately HK$58,258 per square foot. The villa at Ondina Court (康芷苑) B House on South Bay Road offers gross floor area of about 3,433 sq ft, a private garden of roughly 1,000 sq ft, and an independent garage accommodating two vehicles. The property is being sold in vacant possession and will appeal to buyers seeking privacy, premium location, and unobstructed ocean views.
Key Points
- The villa is located at Ondina Court B House, 21 South Bay Road, Repulse Bay, on South Hong Kong Island, featuring unobstructed views of Repulse Bay Beach and Island Beach .
- Owner Lam Jok-lai is the second-generation heir of Tai Lam Electrical Company, which ceased operations in 2008 .
- CBRE (世邦魏理仕) is handling the sale with an asking price of HK$2 billion (approximately HK$58,258 per sq ft) .
- The property spans 3,433 sq ft of gross floor area, includes a 1,000 sq ft private garden, independent garage with two parking spaces, and is being sold with vacant possession .
- The villa features a split-level layout: ground floor with living room and study; first floor with dining room and kitchen; second floor with master suite and two bedrooms; plus rooftop .
Why It Matters
The rare bank-owned sale of a South Bay Road villa underscores the extreme scarcity of independent house supply in Hong Kong's most prestigious southern residential enclave. CBRE's senior director highlighted that villa transactions in this area are extremely rare, making this listing a unique opportunity for wealthy buyers seeking privacy and trophy assets in one of Asia's most exclusive neighbourhoods. The sale could set a benchmark for future luxury property valuations in Repulse Bay's ultra-low-density residential market.
The rare bank-owned sale of a South Bay Road villa underscores the extreme scarcity of independent house supply in Hong Kong's most prestigious southern residential enclave. CBRE's senior director highlighted that villa transactions in this area are extremely rare, making this listing a unique opportunity for wealthy buyers seeking privacy and trophy assets in one of Asia's most exclusive neighbourhoods. The sale could set a benchmark for future luxury property valuations in Repulse Bay's ultra-low-density residential market.