Hong Kong singer, actor and model Jeffrey Ngai Tsun-sang recently moved into a luxury residence in Mid-Levels East with a monthly rent of HK$130,000 (US$16,581), highlighting strong demand in the high-end segment, according to market sources.
The luxury residence was a duplex, where Ngai, 28, would be neighbours with his close friend singer-songwriter Ben Cheng Tsun-yin, known as Tyson Yoshi, the sources said.
Joseph Yan, senior principal district sales director at Centaline Property, said that the luxury residential rental market was buoyant, with a total of 141 rental transactions recorded in The Peak and Southern district in August. Flats with monthly rents of HK$80,000 to HK$150,000 were the most sought-after, with the majority concentrated in the Repulse Bay area, Yan said.
Ngai’s market value rivalled that of the Hong Kong boy band Mirror, according to entertainment industry insiders, with his standard fee for advertising endorsements starting at over HK$1 million. He also commanded an appearance fee of at least HK$500,000 for brand events, and his annual earnings were expected to exceed HK$10 million, they said.
Summer is traditionally a peak season for Hong Kong’s luxury property rental market, as families hunt for homes in neighbourhoods with good schools. According to agents, rental transactions of luxury properties tended to be more active in the second half than in the first half.
Last month, local media reported that Commercial Radio DJ Bonnie Wong Ching-yi nicknamed Ah Jeng – a close friend of Ngai – had moved into the prestigious Kadoorie Hill neighbourhood, an area traditionally favoured by the wealthy, at a monthly rent of HK$70,000.
This made her a neighbour to Hong Kong superstars such as Andy Lau Tak-wah and Kelly Chen Wai-lam, even though she later stated that the rent was not as high as reported.
