According to CBRE's Head of Capital Markets, Mr. Yan Jun, the luxury property market is looking higher due to the gradual recovery of the economy as a result of the customs clearance between Hong Kong and China, as well as the estimated peak of interest rate hikes in the US.

Centaline Property's Senior Regional Sales Director for the Peak and Southern District, Mr Lee Cheuk-hung, said that in the first two months of 2023, there were 96 first and second-hand transactions of over $50 million in Hong Kong, of which 14 were for houses.

With the market picking up after the customs clearance, luxury property transactions are active and luxury property buyers are more confident about the future of the market, coupled with the reintroduction of investment migrants in the new budget, which can bring in capital, talent and enterprises, the market has dispelled the wait-and-see atmosphere and luxury property transactions have heated up.

This time around, the market has been focused on the rare and independent location of the property, which is also home to a traditionally prestigious family.

Centaline Property and CBRE have indicated that the property will be sold on an "as is" basis, with a buyer to be selected in late March. They said they have received dozens of enquiries so far, with over 60% of them from established local families and the super-rich, and about 3% from the Mainland.