Pleasure Properties was listed as the buyer of CHI 138, 107-unit serviced-apartment complex at 136 Johnston Road and 2 Stone Nullah Lane, according to the Land Registry, as reported by South China Morning Post.
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CHI 138 building in Wan Chai, Hong Kong. Photo courtesy of Chi Residences |
The transaction was completed on Nov. 11 and registered on Tuesday. Four members of the Fu family were listed as directors of the entity.
The building features studio to three-bedroom units ranging from 27 to 223 square meters, with monthly rents listed between HKD23,000 and HKD150,000.
Fu Tak-iam, also known as Fu Lo-yung, controlled Macau’s gaming monopoly for more than two decades before Stanley Ho assumed the concession.
He died in 1960, and his descendants gradually left the casino business to reinvest in Hong Kong real estate.
Fu’s eldest son later established the Furama Hotel, which was eventually redeveloped into the AIA Central office tower.
Hotels and serviced apartments have emerged as relative bright spots due to their steady rental income, according to property consultancy firm Cushman & Wakefield.
“Hotels and rental housing have caught the most investment attention this year,” said Tom Ko, the firm’s executive director and head of capital markets.
Rental housing and hotel assets accounted for 24% of investment as of Dec. 8, compared with their usual share of less than 10%, he added.
Hong Kong’s property market has turned the corner after a six-year correction, with office leasing and housing markets leading the recovery in the fourth quarter this year. according to property services firm JLL.
“We expect capital values in the mass residential segment to rise by about 5%, while luxury residential values will remain broadly flat. Luxury rents are projected to increase by 0–5%,” said Joseph Tsang, Chairman of JLL in Hong Kong.
