The family behind knitwear manufacturer Nameson Holdings recently snapped up two adjoining units at Mayfair By The Sea I in Tai Po for a combined HKD60 million (US$7.7 million), according to Land Registry filings, as reported by the South China Morning Post.
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Mayfair By The Sea in Hong Kong. Photo via Google Maps/Gerry Chow |
The purchaser was recorded as Masswin II Limited, a company whose shareholder is Masswin Investments Limited. Its directors –Wong Ting-chung, Teresa Wong and Wong Wai-yue – are members of the family associated with Nameson. The sale and purchase agreement was executed on April 23.
The two mid-floor units in Tower 2, Flats A and B, span saleable areas of 157 square meters each.
The transaction reflects a broader behavioural shift in the secondary luxury segment, where comparatively muted price performance relative to the wider residential market has begun drawing selective buyers back in.
The sellers, Lee Suk-ching and Chan Tsz-kin, had held both units since 2014. Land Registry records indicate that the latest sales delivered gains of just around 1% and 4.5% respectively after more than ten years.
The Tai Po transaction falls within the upper tier of the secondary market, where activity has been on a gradual upswing, with analysts pointing to lower borrowing costs and improved local confidence as key drivers.
A couple with ties to wallpaper manufacturer Tat Ming recently offloaded a unit at No 5 Repulse Bay Road along with a parking space for HKD170 million, Land Registry records showed.
The couple had originally purchased the property for HKD63 million in 2012, implying an appreciation of around 170% over 14 years.
Secondary luxury transactions climbed 5.2% quarter-on-quarter in the first three months of the year, reaching 507 deals involving properties priced above HKD20 million – the highest tally in 18 quarters and a level not seen since the third quarter of 2021. Total transaction value, however, slipped 0.7% to HKD21.38 billion.
“Price gains in the luxury segment have so far lagged behind the broader market, which has attracted investors looking for upside potential,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.
“At the same time, developers have become more active in launching new projects amid improving demand, which has also diverted some demand away from the secondary market.”
Hong Kong climbed to second place globally in ultra-luxury home sales during the fourth quarter of 2025, trailing only Dubai, according to a Knight Frank report released last month, as reported by The Standard.
Across the 12 global markets monitored by the property consultancy, a total of 555 residential sales valued at US$10 million or above were recorded in the quarter, representing a 17% rise from the preceding three months, while total deal value grew 20% to $10.3 billion.
