Yet another luxury property on The Peak on sale at 30% discount

Name: Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers
Uploaded: 2025-06-13T10:00:29.000Z
Duration: 5 min 12 s
Description: Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers

A mansion in Twelve Peaks at 12 Mount Kellett Road is on sale for HK$330 million (US$42 million), down from HK$450 million six years ago

Reading Time:2 minutes

Why you can trust SCMP

Twelve Peaks at 12 Mount Kellett Road has been developed by Sun Hung Kai Properties. Photo: Xiaomei Chen

Salina Li

Published: 6:00pm, 13 Jun 2025Updated: 6:36pm, 16 Jun 2025

Corrected [6:32pm, 16 Jun, 2025]

[6:32pm, 16 Jun, 2025]
The headline and the text have been changed to reflect Colliers' clarification that the property on sale is not a distressed asset

Heavy discounts in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago.

The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset.

Yip Yuen Sai bought the property for HK$450 million in 2019, according to the Land Registry. Yip is the founder of Shenzhen-listed Grandland Group, according to local media reports.

A second mortgage of 321.6 million yuan (US$44.8 million) was taken out on the property on June 5, according to the Land Registry.

Grandland Group did not immediately respond to a request for comment.

05:12

Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers

Across Hong Kong – from The Peak to Southern district and elsewhere – high-net-worth individuals have found themselves caught in a tight spot between their ritzy, overleveraged properties and a quickly draining pool of liquidity.