Starry Bay is located at 368 Qing Shan Road, Tin Kwong Road, Tsuen Wan, comprising 13 houses, each three stories high, all boasting magnificent sea views. The homes range from 2,475 to 3,160 square feet, some featuring private gardens and pool facilities. With a total gross floor area of 34,602 square feet, the latest transaction prices exceeded HK$17,000 per square foot.
According to market sources, the transaction took the form of a "shell sale," with the new buyer planning to invest HK$250 million in renovation and resale of the properties. Long Hok-kam, former director of Forward Limited, which previously held Starry Bay, has resigned, with Siew Wai-lam taking over. Siew's leadership of a private fund underscores confidence in the project's potential.
In the Hong Kong real estate market, Tsuen Wan Qing Shan Road from Tin Kwong to Tsing Shan Bay is a scarce area, especially for purely detached houses. Over the past decade, only five new projects of this type have been launched in the area, totaling just 55 houses. This averages less than 6 units supplied per year, highlighting its scarcity and stable demand.
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Director Hu Zhuohui of Jin Cheng Real Estate noted that these detached houses, due to their excellent location and unbeatable sea views, have always been sought after by mainland and local investors. However, due to the scarcity of listings, transactions for these luxury properties are typically rare.
Despite the prime location of Starry Bay, these houses have remained unoccupied since their completion in 2012, which has been surprising. Originally planned for renovation and redevelopment, Long Hok-kam and his consortium were affected by turmoil and the global pandemic, ultimately selling the properties at a lower price.
Long Hok-kam is the president of Guangdong Dinglong Group, established in 1995 and headquartered in Guangzhou, with business operations spanning real estate, cultural tourism, technology, and entertainment industries. The group has recently expanded into emerging sectors such as online gaming, film production, and distribution.
Initially known as "Golden Pinnacle," Starry Bay was designed by renowned architect Kwan Chi-on and entered the market in mid-2012 at approximately HK$30,000 per square foot, but failed to sell as anticipated. Subsequently, the developers adjusted their strategy, attempting to sell at higher prices until finally reducing the price by HK$200 million and selling to Long Hok-kam and others in 2018.
This transaction reflects the complexity and challenges of Hong Kong's luxury residential market, particularly in specific locations and property types where supply is limited but demand for high-quality housing remains strong.
