One notable investor, Wang Beifen, the widow of Mong Man Wai, founder of the electronics giant Shun Hing Group, made headlines early this month by purchasing eight units at Wong Chuk Hang Station's Blue Coast for approximately HK$140 million.
Developed by Cheung Kong (01113) and MTR Corporation (00066), Blue Coast initially launched 138 units, offering them at a shockingly low price starting from HK$18,998 per square foot, making it the most affordable new project on the southern coast of Hong Kong Island. This pricing strategy successfully attracted a vast number of investors, with 540 units sold within eight days of launch, totaling over HK$10 billion in sales.
According to the Land Registry, as of yesterday, there have been 144 transactions registered for Blue Coast. Among these, Wang Beifen owns three units, including Unit G on the lower floors of Tower 2B, which has a usable area of 796 square feet and was sold for HK$16.764 million, equating to HK$21,060 per square foot. As reported by local real estate agents, Wang bought eight units on the same day, with the remaining five expected to be registered sequentially.
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Wang Beifen has always shown a deep interest in real estate investments. For instance, in 2013, she bought two second-hand units in Western District's Cadogan for around HK$34 million and acquired one unit each in Kowloon Tong's Dragon Garden and Western District's Lexington Hill, investing over HK$94 million in total. Additionally, in 2021, she sold a unit in Tai Hang's Hong Kong Parkview for HK$43 million, netting a profit of HK$25.84 million.
Real estate agents note that due to the market-cooling measures of the past few years, Wang had been less active in large-scale purchases. However, with the recent removal of these restrictions, her renewed active participation indicates a gradual restoration of market confidence.
Wang Beifen's series of property purchases not only reflect the current market vibrancy but also stimulate discussions about future market trends. Her investment strategies and actions have attracted attention and sparked debates within the industry. As a prominent investor, her decisions may also influence other investors' choices, potentially impacting broader market dynamics.
