The Mount Pokfulam luxury residence project in Pokfulam recently recorded a notable transaction, fetching a whopping HK$334 million, translating to HK$70,000 per square foot. This remarkable feat once again highlights the prosperity and attractiveness of Hong Kong's high-end real estate market.

Reportedly, the project, developed in collaboration between Grand Fortuna Properties and Golden China Enterprises, is located at 86D Pokfulam Road, boasting an enviable usable area of 4,765 square feet, featuring five bedrooms, a 955-square-foot rooftop, and a 2,231-square-foot garden. The high transaction price exceeded industry expectations and garnered widespread attention in the market.

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Another point of interest is the composition of buyers for this project. According to Stella Cheng Tak Wan, Executive Director of Grand Fortuna Properties, approximately sixty percent of buyers come from mainland China or have mainland-related backgrounds, while the remaining forty percent hail from local and global regions, including many from well-known traditional families. This phenomenon underscores the allure of Hong Kong's high-end real estate market to mainland and global super-rich individuals, as well as Hong Kong's position and influence in international capital flows.

Apart from the Mount Pokfulam luxury residence project, other developments in the Hong Kong property market are also worth noting. For instance, Sun Hung Kai Properties (SHKP) has recently begun gradually selling rental units in The Belcher's in Mid-Levels, indicating sustained interest in properties in the area. The Belcher's recorded three transactions yesterday, with two units snapped up by the same buyer, totaling approximately HK$112 million. This move reflects both investors' pursuit of properties in the Mid-Levels area and developers' flexible adjustments to market demand.

Meanwhile, cases of failed transactions have also emerged in new developments like The Cliveden Cove and Avenir Residence. According to reports, a unit in The Cliveden Cove was sold for HK$40.22 million last month, but the buyer failed to complete the transaction and ultimately opted for forfeiture, with the developer collecting a penalty fee. Similar situations have also arisen in Avenir Residence, a project under the Urban Renewal Authority (URA). While these failed transactions reflect the risks and challenges in real estate transactions, they also indicate the market's activity and buyers' demand.