High-Profile Investment in Wong Chuk Hang

A Morgan Stanley managing director has made a significant investment in Hong Kong's luxury real estate market, purchasing two high-end flats in the Deep Water Pavilia development for a combined $18.8 million. The properties, located in the sought-after Wong Chuk Hang neighborhood, boast a total saleable area of 3,242 square feet.

Details of the Purchase

The larger of the two units, spanning 1,706 square feet with four bedrooms and two en-suites, was acquired for HK$81.89 million. The slightly smaller unit, also featuring four bedrooms but covering 1,536 square feet, was bought for HK$65.43 million. This transaction highlights the growing interest in luxury properties in the area.

Market Trends and Developer Insights

Developed by New World Development, the Deep Water Pavilia project has seen robust buyer interest, with its first phase selling out within hours. The development's launch price set a record low for new homes in the area, signaling a potential shift in Hong Kong's real estate market dynamics.

Looking Ahead

With New World Development preparing to launch the second phase of the project, the market watches closely to see if the upward trend in luxury real estate investments continues. This comes as Hong Kong's home prices have seen a nearly 30% decline since their peak in 2021, driven by various economic factors.