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Tai Cheung targets HK$2.34B for en bloc sale of 5 Hong Kong luxury homes

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Tai Cheung targets HK$2.34B for en bloc sale of 5 Hong Kong luxury homes

Tai Cheung Holdings Ltd.'s five town houses at 3 Plunkett's Rd. in Hong Kong, made their debut on the en bloc market with a price tag of HK$2.34 billion, the South China Morning Post reported, citing the properties' sole agent StatelyHome.

The detached houses, priced between roughly HK$451.3 million and HK$503.4 million, form part of a luxury low-rise development of six homes at The Peak, according to the report. Tai Cheung held off on selling the assets after the largest of the six houses was divested for HK$399.8 million, or HK$81,708 per square foot, in August 2011.

The properties are expected to attract mainland companies and institutional funds, who will keep them for self use or investment purposes, according to Louis Ho, principal sales director for The Peak & South Mid-Levels West at StatelyHome.

While the builder is inclined towards a collective sale, it will also accept offers from buyers who intend to buy the homes individually, with the houses listed at a per-square-foot price ranging from HK$98,904 to HK$103,786, the May 16 report noted.