RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Luxury home in Hong Kong leased for record-breaking $1.35m monthly rental fee

This is only one out of seven properties that Wharf Holdings Ltd. owns in 11 Plantation Road.

A 10,804 square-foot home has stirred the luxury residential market in Hong Kong after it was leased to an unknown tenant for a record-breaking rental fee of approximately $1.35m a month. This translates to around $16.2m per year. 

This was released by Wharf Holdings Ltd. to the media through a statement made on 2 March.

The property overlooks Victoria Harbor and has a private garage, a garden, and an elevator.

Owning a total of seven houses at 11 Plantation Road, the company looks to selling four whilst the rest will be up for lease.

Thomas Lam, Knight Frank LLP executive director, said that the decision to have properties for lease will stimulate the market and at the same time provide the developer with rental income. The scarcity of home supply at the Peak might have been another consideration.

“It takes a long time to sell a home…Leasing some of the houses with substantial rents can stimulate the market whilst offering rental income,” Lam told local media.

Property listings on the high-end residential market in Hong Kong has been reported to be record-breaking in the recent months despite the pandemic. Just last month, CK Asset Holdings Ltd. Successfully sold a luxury apartment for a total of $459m.

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