Penthouse at 23 Po Shan Road Sold for Record HK$416 Million to Mainland Buyer

The penthouse unit at 23 Po Shan Road sold to a company called Shine Action on April 8, Land Registry records showed. The buyer is believed to be a mainland resident, based on the name of Shine Action's director in the Companies Registry, Zheng Jiang. Momentum at the pinnacle of Hong Kong's property market has strengthened, according to agents. Savills recorded 58 transactions worth more than HK$100 million in the first three months of the year, with mainland buyers accounting for more than half. Centaline counted 52 transactions in the same price category in the same period, up from 15 a year earlier, with total consideration tripling to HK$9.36 billion. The High Peak unit is the development's only penthouse, occupying the entire top floor. It has a saleable area of 6,701 sq ft, with a terrace, a rooftop, a private swimming pool and internal lift access. The transaction works out to more than HK$62,000 per square foot, setting a record for the project. The buyer will pay about HK$27.3 million in stamp duty, after rates on transactions above HK$100 million were raised to 6.5 per cent from 4.25 per cent in February amid rising demand from wealthy buyers. High Peak, jointly developed by Asia Standard International, ITC Properties and CSI Properties, has seen an increase in high-value deals, attracting mainland investors.