Kowloon Tong Luxury Property Sells for HK$420 Million After HSBC Takeover
Thestandard · 1 SOURCESabout 1 hour ago2 MIN
Summary
La Maison De La Salle, a luxury residential development at 25 La Salle Road in Kowloon Tong, has been sold to a local buyer for HK$420 million through a tender process, equating to approximately HK$20,798 per square foot. The four-story property comprises four duplex units with sizes ranging from 4,801 to 5,295 square feet each, bringing the total gross area to about 20,194 square feet, along with six parking spaces . The property had been on the market since 2015 with multiple price reductions before becoming a mortgagee property in June this year . HSBC acted as the mortgagee and took control of the asset, terminating previous sales arrangements . Peter Ho, senior director and head of commercial sales at Knight Frank Hong Kong, commented that the transaction demonstrates sustained market demand for premium residential properties in Kowloon Tong .
Key Points
- Property address: 25 La Salle Road, Kowloon Tong, named La Maison De La Salle
- Sale price: HK$420 million (HK$20,798 per square foot); four duplex units totaling 20,194 sq ft with six parking spaces
- Previous owner: William Zen Wei-pao, former chairman of Road King Infrastructure (stock code: 1098), purchased site for HK$430 million in 2012
- Market timeline: Released for tender in 2015, price lowered several times before HSBC takeover in June
- Mortgagee: Hongkong and Shanghai Banking Corporation Limited (HSBC) took over and terminated prior sales arrangements on June 10
Why It Matters
The HK$420 million transaction underscores Hong Kong investors' continued appetite for prime residential assets in established luxury neighborhoods, even as the broader property market navigates challenging conditions . The sale also illustrates how financial institutions manage distressed or repositioned assets, with HSBC's takeover and subsequent successful disposal demonstrating institutional capacity to convert mortgagee properties into competitive market transactions .
The HK$420 million transaction underscores Hong Kong investors' continued appetite for prime residential assets in established luxury neighborhoods, even as the broader property market navigates challenging conditions . The sale also illustrates how financial institutions manage distressed or repositioned assets, with HSBC's takeover and subsequent successful disposal demonstrating institutional capacity to convert mortgagee properties into competitive market transactions .