The tender for Belvedere, a low-density development in Chung Hom Kok, will close at noon on April 28, according to marketing agent JLL. Land Registry records show the estate has been held by Remadour Estate since 1993.
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Belvedere estate in Hong Kong. Photo courtesy of JLL |
Completed in 1980, the estate occupies a 1,966 square-meter seafront site and consists of five two-storey houses. The compound also provides 12 private parking spaces.
The property will be offered on an “as-is” basis and will be subject to existing tenancies or licences. Corporate filings indicate the property is owned by branches of the Cheung family.
The family’s wealth traces back to Cheung Yik-chong, an entrepreneur who amassed a fortune in Singapore before World War II through jewelry trading and property investment, according to South China Morning Post.
His son, Cheung Kung Hai, later expanded the family’s footprint in Hong Kong by establishing Wah Ha Realty and earned the nickname the city’s “king of industrial buildings” due to his extensive portfolio of factory and commercial properties.
Among the younger generation is Derek Cheung, grandson of Cheung Kung Hai and founder of Hong Kong E-sports, who was previously named to the Forbes 30 Under 30 Asia list.
The sale of the luxury estate is considered a move to test the market following years of subdued prices in Hong Kong’s high-end residential segment.
Prices of homes measuring at least 100 square meters rose about 2.9% last year, although they remain roughly 19% below their 2021 peak.
In January alone, 26 transactions of such homes worth about HKD5.3 billion were recorded, according to Hong Kong-based property analyzing firm Centaline.
The price correction has started to attract wealthy mainland buyers seeking scarce assets in prime districts, while some long-standing local investors have used the rise in transactions to rebalance portfolios or exit positions.
“Many buyers are looking for luxury houses,” said Joseph Tsang, chairman of JLL in Hong Kong, adding that the renewed demand has prompted some landlords to test the market by listing high-end properties for sale.
Hong Kong private home prices rose 3.3% in 2025, marking the first rise since 2021 as interest rate cuts and declining housing inventory bolstered market sentiment.
CBRE Hong Kong Executive Director Eddie Kwok expects a 3-5% rise in home prices in 2026, citing a stock market rally last year that created a wealth effect and encouraged more buyers. He highlighted strong developer interest in a land tender this month as a sign of market optimism.
