Pop Icon Karen Mok Purchases A $10.8 Million Luxurious Condominium in A Prestigious Location of Hong Kong

Hong Kong pop star and actress Karen Mok Man-wai has acquired a luxury condominium in the city for HKD85 million (US$10.8 million), as celebrities and investors capitalize on excellent properties at discounted rates.

Image: Prestige

Land Registry documents reveal that a 2,153 square foot, three-bedroom unit on Old Peak Road, Mid-Levels District, was sold to purchaser Karen Joy Morris on June 12, as reported by the South China Morning Post. The estate is situated in Dynasty Court, an esteemed residential complex with five blocks and 409 units.

Mok, 55 years old, has produced 18 studio albums and featured in more than 40 films. She is the inaugural Hong Kong singer to secure China’s Golden Melody Award thrice and the first female solo artist to perform at Beijing’s National Stadium, the Bird’s Nest. Numerous affluent investors have acquired luxury properties in Hong Kong recently, following a 45% decline in prices from their peak attributed to elevated interest rates.

Last month, another acquisition in the Mid-Levels District was documented by Shirley Peng, the sister of former Hong Kong Chief Executive Tung Chee-hwa. She allegedly purchased an apartment for HKD119 million.

In April, Ant Group executive vice-president Shao Xiaofeng and his spouse Li Jian acquired a 3,314 sq ft, four-bedroom detached residence in Villa Rosa, Tai Tam, for HKD78 million, as reported by property agents.

Notwithstanding a lethargic overall property market, Hong Kong's luxury residential sector is anticipated to experience a resurgence this year, as per Knight Frank's Wealth Report 2025. Hong Kong remains one of the foremost places globally for super-prime property transactions, with 166 ultra-luxury real estate acquisitions documented last year, according to Hong Kong Business.

In the first half of this year, Hong Kong's luxury real estate market experienced increased activity due to the presence of distressed units available at discounted prices, attracting affluent purchasers in pursuit of high-value properties at cheaper costs, according to Knight Frank. "We project a decline of up to 5% for residential properties priced between HKD20 million and HKD40 million, whereas properties valued above HKD40 million are expected to remain stable."

In a December analysis, JLL Hong Kong projected a decline of approximately 5% in luxury residential property prices this year, attributing this to oversupply. Joseph Tsang, head of JLL in Hong Kong, stated, "The decrease in home prices since 2021 is not merely a cyclical adjustment."

"Although cyclical factors like interest rates, economic conditions, and supply-demand dynamics can only partially account for the decline, profound structural changes are transforming market fundamentals and asset valuations." Certain developers are reducing their pricing to entice purchasers.

Last week, New World Development Co released 138 properties to purchasers on Saturday at an unprecedented low price in Southside, a district characterized by recent premium buildings, as reported by Bloomberg.

Over 4,500 prospective purchasers have enrolled to acquire. As of the end of March, Hong Kong's residential property market had over 22,000 new housing units available, a figure considered precarious, given that property prices are near their lowest in eight years, according to local agency Centaline.