The Belvedere was completed in 1980 (Image: JLL)
Singapore’s SC Capital Partners has acquired a luxury residential compound in southern Hong Kong Island in a bet on growth in the city’s premium housing market.
The fund manager announced Friday that it has acquired five townhouses in Chung Hom Kok, with Land Registry records showing that SC Capital in May agreed to purchase The Belvedere compound from the Cheung family, which owns developer Wah Ha Realty Company, for HK$305 million ($39 million).
“We have been monitoring the Hong Kong market closely and believe opportunities are emerging where pricing has become more aligned with long-term fundamentals,” said Suchad Chiaranussati, chairman and founder of SC Capital. “We believe our experience in repositioning and enhancing real estate across Asia Pacific places us in a strong position to unlock the property’s full potential.”
Hong Kong luxury home prices declined 22 percent from 2021 through 2025, making housing in the city look relatively affordable to affluent buyers, Savills said in a research report earlier this year.
Buy, Fix and Sell
Located at 41 Chung Hom Kok Road in the coastal Chung Hom Kok enclave just west of Stanley, Belvedere comprises five two-storey houses which were completed in 1980. SC Capital made the purchase on behalf of Real Estate Capital Asia Partners V, the sixth series of its Pan-Asia diversified opportunistic fund.
Suchad Chiaranussati SC Capital
Composed of units ranging from 3,150 to 3,709 square feet (293 to 345 square metres) in saleable area, the property spans 15,750 square feet of gross floor area, with SC Capital paying the equivalent of HK$19,365 per square foot for the compound.
Analysts who spoke with Mingtiandi consider the pricing to be reasonable considering market rates, with House B at 29 Horizon Drive in Chung Hom Kok having sold for HK$29,219 per saleable square foot last September.
SC Capital said it plans to refurbish the property to better meet luxury homebuyers’ expectations. Renovation work will focus on the compound’s interiors, façade and entrance areas, as well as adding private lifts.
“Assets of this quality, particularly those that have remained under single ownership for decades, rarely come to market in established neighbourhoods such as Chung Hom Kok,” said Chiaranussati.
Remadour Estate Limited, an entity controlled by Wah Ha Realty, which delisted from the Hong Exchange in 2024, acquired the Belvedere project for HK$14.8 million in 1993, according to Land Registry records.
Founded in 1961 by the late Cheung Kung-hai, Wah Ha Realty specialised in developing industrial buildings in Hong Kong in the 1960s and 1970s. Cheung was succeeded by his sons Anthony Cheung Kee-wee, Cheung Lin-wee and Eric Cheung Ying-wai after he died in 2000.
Lin-wee’s son Derek Cheung, an e-sports entrepreneur who was included on Forbes’ 30 Under 30 Asia list in 2018, is currently the most prominent member of the family but is said not to be involved in Wah Ha’s property business.
Market Rebound
SC Capital is investing in the city’s high-end residential sector as prices of luxury homes — dwellings of 100 square metres or more — increased around 9 percent from the market bottom in March 2025 through May of this year, according to statistics from the Rating and Valuation Department.
The acquisition will join an SC Capital Hong Kong portfolio which also includes a housing complex on Ap Lei Chau island, which will yield a 23-storey building with 28,908 square feet of residential space and 4,960 square feet of retail space. A SC Capital spokesperson told Mingtiandi last month that construction on that project had nearly topped out, with sales to start in the near future.
Last December, SC Capital sold 39,400 square feet of retail space in the mixed-use Lee Kee Building at 55 Ngau Tau Kok Road in Kowloon for HK$131.8 million, which was a 37 percent discount from the price it paid in 2016.
Founded in 2004, SC Capital is 40 percent owned by CapitaLand Investment and had $9.5 billion in assets under management as of March.
