Prime location in prestigious residential neighbourhood with significant potential for renovation and redevelopment
Hong Kong, 19 February 2025 – JLL has been appointed as the Sole Agent by the vendor for the sale of Jade Beach Villa at 3-7 Horizon Drive, Chung Hom Kok (the “Property”). The Property is valued at approximately HKD 1.5 billion. It is currently the only and largest single lot luxury residential plot available for sale in the market.
Completed in 1977, the Property comprises 12 apartments and 18 houses on a site area of approximately 102,000 sq ft. It has a maximum permissible gross floor area (GFA) of approximately 57,375 sq ft and a total saleable area of approximately 55,914 sq ft. The 12 Type A apartment units each have a saleable area of 1,469 sq ft. The 12 Type B houses have a saleable area of 1,872 sq ft each. As for the six Type C houses, the saleable area is 2,637 sq ft for all units. Since the highest development plot ratio is 0.56 only, the layout of the houses will be superior to other luxury residential projects, and the environment can ensure exceptional privacy for residents.
The Property enjoys a prime location in a prestigious residential neighbourhood of detached houses, conveniently located near to the Dairy Farm Chung Hom Kok Shopping Mall. MTR Ocean Park Station is a 10-minute drive away, while Happy Valley, Causeway Bay, and the Central business district can be reached in approximately 15-20 minutes, providing excellent connectivity to the city.
Under the approved Stanley Outline Zoning Plan No. S/H19/16, the site is zoned as “Residential R (C)”. The Property can be redeveloped into a three-storey detached house with one-storey open carport.
The Property is to be sold on “as-is” basis and subject to existing tenancies and/or licences (if any). Currently, eight out of 12 apartments and 14 out of 18 houses are tenanted, while four apartments and four houses are vacant.
Joseph Tsang, Chairman of JLL in Hong Kong, said: “Large-scale luxury residential development sites in traditional luxury residential areas on Hong Kong Island are rare. It is currently the only and largest single lot luxury residential plot available for sale in the market.
This sale offers investors a rare and excellent opportunity to develop a large-scale luxury residential estate in Island South. The site area of the plot exceeds 100,000 sq ft, allowing developers to have higher flexibility to design the layout and develop an ultra-luxury residential project. Chung Hom Kok, long established as one of Hong Kong’s most prestigious residential enclaves, remains a highly sought-after location for affluent families from Hong Kong, Mainland China and overseas. The leasing market for luxury residential in the district is active, offering significant long-term investment value. We anticipate strong interest from developers and investors.”
Danny Chan, Executive Director of Capital Markets at JLL, said: “The Jade Beach Villa is nestled within a tranquil community, surrounded by serene and scenic landscapes, with each unit boasting breathtaking, panoramic sea views. The area is home to a collection of luxury villas and apartments, and its low-density environment ensures exceptional privacy and tranquillity for residents. Market valuations indicate that the average price per sq ft is highly competitive compared to similar properties in the vicinity, making this a compelling opportunity for investors.”