Mainland Talent Pays HK$34.8M for Pokfulam Garden Flat, Record Per-Square-Foot Price in 3 Years
AM730 · 2 SOURCESabout 2 hours ago2 MIN
Summary
A mainland Chinese professional has purchased a high-floor unit at Pokfulam Garden in Western district for HK$34.8 million, marking the highest price per square foot recorded at the estate in nearly three years. The buyer, seeking a comfortable home for their children's education in Hong Kong, was attracted by the open sea views and the property's location on Hong Kong Island. The seller, who originally purchased the unit in 2015, realized a profit of HK$8.12 million after holding the property for approximately 11 years. This transaction reflects the continued strong demand from mainland buyers for premium residential properties in Hong Kong's prime locations.
Key Points
- Transaction involves Pokfulam Garden Tower 6 ultra-high floor Unit G, measuring 1,123 square feet with a 3-bedroom ensuite layout
- Final price of HK$34.8 million translates to HK$30,988 per square foot, setting a 3-year high for the estate
- Buyer is a mainland Chinese talent who prioritized the open sea view and access to Hong Kong Island schools for their children
- Previous owner purchased the unit in 2015 for HK$26.68 million, earning a capital gain of HK$8.12 million (30.4% appreciation) over 11 years
- Pokfulam Garden (89 Pokfulam Road) near MTR Hong Kong University Station comprises 6 towers with 2,213 units, completed in 2000
Why It Matters
The record-breaking transaction signals continued robust demand from mainland professionals for Hong Kong's premium residential market, particularly in core Hong Kong Island districts . As more mainland talents relocate to Hong Kong for career and educational opportunities, competition for quality properties in school catchment areas is likely to intensify, potentially driving further price appreciation in established neighborhoods .
The record-breaking transaction signals continued robust demand from mainland professionals for Hong Kong's premium residential market, particularly in core Hong Kong Island districts . As more mainland talents relocate to Hong Kong for career and educational opportunities, competition for quality properties in school catchment areas is likely to intensify, potentially driving further price appreciation in established neighborhoods .