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News Release

Hong Kong

Jones Lang LaSalle: 35 Barker Road, The Peak Sold for HK$1.82 billion by Public Auction


We are pleased to announce the results of today’s public auction for ‘Falconridge, 35 Barker Road, The Peak.
 
The public auction started with the opening bid of HK$1.55 billion, at an increment of HK$30 million.  The property was finally sold for HK$1.82 billion, following a total of 10 bids.
 
The transaction price exceeds the reserve price by over 17%.
The bidding atmosphere was very competitive, with three parties bid for the property.  The buyer is a local developer.
 
Joseph Tsang, Jones Lang LaSalle’s International Director and Head of Capital Markets, Hong Kong, said, ‘The public auction today was closed quickly after 10 bids as the opening bid was aggressively set at HK$15.5 billion with an increment of HK$30 million.  In terms of Accommodation Value, the transaction price of 35 Barker Road is nearly HK$70,000 per sq ft, which is believed to be a new record high in Hong Kong for luxury residential sites sold by public auction.’
 
‘Today’s auction results reflect that the ‘super’ luxury residential property market has remained intact following the government’s implementation of the new property market measures, while the transaction price will have an ‘indicative’ meaning for the future trends.  We expect that the luxury residential market will remain positive,’ added Tsang.