International real estate firm Savills has been appointed as the sole agent for the sale of Villa Martini, No.8 Stanley Beach Road, Hong Kong ("The Property"). The existing status of the Property is 3 blocks of 3-storey high apartments, a total of 9 units and 10 car parking spaces. It has a site area of approximately 26,600 square feet and a saleable area of about 18,852 square feet. It will be sold on an “as-is” basis, partly with vacant possession and partly with existing tenancies.
The Property is located near several top international schools, including The International Montessori School (IMS) and Hong Kong International School (HKIS), and is only about a one-minute walk from Stanley Main Beach, making it highly popular among both local and expatriate families. Recent secondary market transactions on Stanley Beach Road show an average price of approximately HKD18,000 per square foot, while the latest primary sales at One Stanley for standard units range from HKD33,743 to HKD37,440 per square foot. The owner has now significantly reduced the indicative price by about 23%, clearly demonstrating a strong commitment to sell.
Mr. Raymond Wan, Chief Senior Director of Investment at Savills Hong Kong said, “The indicative price of the Property has been reduced from HKD520 million to HKD400 million. Three adjacent properties at Nos.10A-B, Stanley Beach Road, owned by the same vendor, were also sold swiftly, underscoring the strong market demand and investment potential for luxury residences in this prime location. The owner has held the property for rental income for over 30 years and is now sincerely offering it for sale, with price negotiations welcome.”