Logan Group sells Sai Kung luxury mansion AIR HOUSE for HK$510m to Mainland Chinese

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18th June 2024 – (Hong Kong) A recent Transaction that sets near-record prices for residential properties in Sai Kung, the AIR HOUSE, a prestigious standalone mansion located at 232 Clear Water Bay Road, has been sold for an impressive HK$510 million. The deal highlights the robust demand for luxury properties in Hong Kong, particularly among wealthy mainland Chinese buyers, following a relaxation in market cooling measures.

This sprawling property, initially constructed in 1961 and extensively renovated in 2022, includes a substantial land area of approximately 36,500 square feet with a built-up area of around 16,745 square feet. The estate’s features, such as a 20-meter swimming pool and a private garden, cater to the most discerning tastes and offer considerable privacy and exclusivity with private roads and entrances.

AIR HOUSE stands as a prime example of luxury living, boasting an expansive living space of 9,234 square feet. The mansion’s commanding views stretch from Pak Sha Wan all the way to the Jockey Club Kau Sai Chau Public Golf Course, providing a serene backdrop that blends natural beauty with opulence.

The mansion’s layout includes a main building with two stories and a secondary building that houses security and staff quarters, enhancing both privacy and security. The interior features a blend of Eastern and Western design elements, with spacious living areas that include both formal and informal lounges and state-of-the-art kitchen facilities.

The sale price of AIR HOUSE, at approximately HK$55,642 per square foot, approaches the highest per-square-foot price ever recorded in the Sai Kung area. This record was previously held by a property in Kap Pin Long, another Sai Kung mansion sold by HKR International in 2018 for HK$210 million, translating to over HK$56,000 per square foot.

Originally purchased in 2001 by UNION BROTHERS LTD., a BVI-registered company, for HK$90 million, the property has appreciated significantly, showing a nearly 470% increase in value over 23 years. The recent transaction underscores the substantial capital gains achievable in Hong Kong’s high-end real estate market. Logan Group, listed under the stock code 3380 and associated with UNION BROTHERS LTD., has been actively involved in the management and development of the property. In December 2021, the mansion was mortgaged to the Bank of East Asia, indicating active financial management by the owners.

The new owners of AIR HOUSE, Most Rich International Limited, directed by an individual with a Mandarin transcribed name, further emphasiSe the cross-border appeal of Hong Kong’s luxury real estate market to Mainland investors.

In 2015, AIR HOUSE became the target of a robbery carried out by three individuals wearing stockings over their heads. The victims of this incident were Tony Turner and Michelle Han, well-known personalities in the TV and PR industry. The robbers entered the home and proceeded to threaten the couple’s 24-year-old son using a knife, eventually restraining him. They managed to escape with a substantial sum of money and valuable items, totalling approximately HK$70,000.

Tony briefly commented on the incident, stating that they preferred not to discuss it in detail. However, he assured that their son, who fortunately remained unharmed, had made a full recovery. Remarkably, both Tony and Michelle remained undisturbed during the robbery and slept through the entire ordeal. The property was purportedly transacted at HK$90 million in the same year.