Another Luxury Blow: Jardine’s Lookout Duplex Sold at HK$63.48M Loss

Jardine’s Lookout’s prestigious luxury development, Dukes Place, has recorded its second massive loss in the resale market within recent months. A low-floor duplex unit was recently sold for HK$117 million, representing a 32% drop from its purchase price in June 2020. Factoring in taxes and associated costs, the actual loss amounts to an eye-watering HK$63.48 million.

The duplex, located on the 5th and 6th floors (Unit B) and including two parking spaces, has a usable area of 2,849 square feet. It was sold for HK$117 million on June 27, translating to a price of HK$41,067 per square foot. The buyer, whose name is written in Mandarin pinyin, is believed to be a mainland Chinese investor.

According to records, the original owner purchased the property in June 2020 for HK$172 million, with a price per square foot of HK$60,372. Based on the recent resale price of HK$117 million, the unit’s value has depreciated by approximately 32%, evaporating around HK$55 million in value.

When taxes and other fees are included, the loss becomes even more significant. The original buyer had to pay HK$7.31 million in taxes when purchasing the unit, and the recent seller incurred around HK$1.17 million in commission fees. This brings the total loss to an estimated HK$63.48 million.

This is not the first major loss recorded at Dukes Place. In May, another duplex unit on the 8th floor (Unit A), with a usable area of 2,846 square feet, was sold for HK$125 million. The price per square foot was HK$43,921. The original owner had purchased this property in January 2020 for over HK$176.45 million, at a price of HK$62,000 per square foot. The resale represented a 29% drop in value, with a reduction of approximately HK$51.45 million. After adding the 15% Buyer’s Stamp Duty (HK$26.47 million) and commission fees (HK$1.25 million), the actual loss amounted to nearly HK$79.12 million.

28hse - No.1 HK Property Portal Squarefoot - HK Premium Property Portal