Mount Nicholson's First Rental Deal: Mainland Tenant Reportedly Paying HK$800,000 Per Month

Mount Nicholson, the ultra-luxury property on The Peak developed jointly by Wharf Holdings (0004) and Nan Fung Group and marketed by Wheelock Properties, has recorded its first rental transaction for a mansion. A mainland tenant has leased the property for HK$800,000 per month, translating to HK$171 per square foot, which aligns with the market rate.

This mansion boasts a four-bedroom layout with a usable area of 4,678 square feet, a garden of 2,761 square feet, and a courtyard of 2,653 square feet. The owner originally listed the property for HK$840,000 at the end of last year. Recently, it was leased to a mainland tenant for approximately HK$800,000 per month, resulting in a rental rate of HK$171 per square foot. The unit is owned by Shi Jin-yu, president of Junhao Group, who purchased it in 2019 for approximately HK$580 million. Based on the current rental income, the property yields about 1.7%.

Shi Jin-yu has made significant investments in Mount Nicholson, purchasing three mansions on The Peak for a total of approximately HK$1.78 billion in 2017 and 2019. According to market sources, another of Shi's mansions, with over 6,300 square feet, is currently listed for rent at HK$760,000 per month, with a rental rate of HK$120 per square foot. Additionally, two other mansions are listed for sale at HK$700 million and HK$720 million, respectively.

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