David Wraight, managing director at Morgan Stanley, has bought two luxury residential units in Hong Kong for HK$147.3 million (US$18.8 million), joining a growing cadre of global financiers on the hunt for high-value properties at reduced rates.
The two flats in the first phase of Deep Water Pavilia in Wong Chuk Hang, developed by New World Development (NWD) and MTR Corporation, have a combined saleable area of 3,242 sq ft. They were sold last month, according to the Land Registry.
The buyer, listed as David John Wraight, shares the full name of the Morgan Stanley banker.
The transactions translate to an average price of HK$45,440 per square foot.
One unit, a 1,706 sq ft home featuring four bedrooms and two en-suites, sold for HK$81.89 million, or HK$48,000 per square foot – one of the highest prices recorded in the project. The other unit, a 1,536 sq ft four-bedroom flat, fetched HK$65.43 million.
The Southside development, which provides much-needed relief for cash-strapped NWD, is among the most closely watched luxury residential projects in Hong Kong in recent years.
