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News Release

Hong Kong

The Most Prestigious Residential Address in Hong Kong – ‘Falconridge, 35 Barker Road, The Peak’ – for sale by Public Auction

By order of the owner, Falconridge, 35 Barker Road, The Peak, Hong Kong (hereafter referred to as ‘The Property’) will be put up for sale by public auction on 18 May 2010 (Tuesday), 3:00 pm at Salon 1–4, Level 3, JW Marriot Hotel, Pacific Place, 88 Queensway, Hong Kong. Jones Lang LaSalle has been appointed as the auctioneer to conduct the auction.

Stretching a site area of 53,350 sq ft, The Property is zoned for ‘Residential (C)3’ purpose according to the Peak Area Outline Zoning Plan. Based on the permitted plot ratio of 0.5, the future development to be erected on the site can cover a maximum total GFA of 26,675 sq ft. Currently standing on the site is a five-storey apartment building completed in 1981, offering eight exclusive residences of sizes of around 3,300 sq ft.

Ideally situated at a prominent location at the Peak, The Property commands the city’s finest views stretching from Peak Tower down to Victoria Harbour and Kowloon Peninsula. While enjoying the pleasant green expanses of The Peak, it is just five minutes’ drive to the thriving core of Central. The locality abounds with low-rise apartment buildings and semi-detached and detached houses, providing their residents with a cosy and tranquil living environment.

Embracing the advantages of convenience and privacy, Barker Road is the most prestigious home address in Hong Kong and is desired by all.

‘Barker Road has a long history of being the home address for renowned people. Over the century, Barker Road has always been the extremely exclusive residences to Hong Kong’s elite such as Hong Kong’s Chief Secretary for Administration, The Commander of the PLA Hong Kong Garrison and the Consul General of the United States of America. Geographically speaking, Barker Road is located below the fog line, which further enhances its attractiveness,’ said Joseph Tsang, Jones Lang LaSalle's International Director and Head of Sales.

‘The luxury residences at the core of the Peak have been highly sought after amidst the extremely tight supply. According to Jones Lang LaSalle Research, only 10 new houses will be completed in 2010, while no more than 25 new houses will be available for sale in 2011. Most importantly, there will be no new house available along Barker Road in the coming future,’ Tsang added.

‘For the latest transaction of a similar type of property on the Peak that has been sold through land sales, it needs to be traced back to the government land auction held in 2006 wherein a site at Mount Kellett Road was sold for an accommodation value of HKD 42,169 per sq ft. This reflects the scarcity of prime sites in the market. The Property is said to be the last piece of site available for sale along Barker Road. Thus, it represents a golden opportunity to acquire one of the most valuable residential sites in the city—a once in a lifetime chance that you cannot afford to miss,’ said Tsang.

‘Compared to all the other luxury residential sites on Hong Kong Island on the 2010-11 Application List, including 103 Mount Nicholson Road, 21, 23 and 25 Borrett Road, Former Lingnan College Site at Stubbs Road, 8–12 Deep Water Bay Drive and two other sites in Island South, I believe that The Property is the most luxurious site in terms of Accommodation Value,’ concluded Tsang.