Although the stock market plunged in Hong Kong recently, Wong Cho Lam bravely invested $114 million HKD (about S$20 million) in a luxury complex. With his popularity soaring in Mainland China and increased income, Cho Lam purchased the condo as a gift to wife, Leanne Li.
After their marriage in February, the couple was living in a three-story house in Sai Kung, which Cho Lam had spent $13 million HKD (about S$2.3million) to custom build in Sai Kung. However, the couple was reportedly dissatisfied with the shoddy renovations after conflict arose with their interior designer. While his mother would continue to reside at the house in Sai Kung, Cho Lam and Leanne will be moving into their new luxury home.
With his preference for water views, Cho Lam decided to splurge on a new property located at Mayfair by the Sea in the area of Providence Bay. The 2800-square-feet condo has expansive views of the sea and a 3000-square-feet rooftop. It would be ideal for raising their family in the future. Putting the condo under Leanne’s name, Cho Lam disclosed, “It’s for personal use – I bought it so we can use it in the future, whether it be for just the two of us or with children as well. I’ve never invested in stocks, and in terms of long term, looking at property is much better. I just want a comfortable home with my wife.
“My family will live in our old house but there have been issues with renovations and we’re trying to find a trustworthy contractor to get this problem resolved sooner. Thank you for asking about us.”
The monthly mortgage of Cho Lam’s new property would cost $230,000 HKD, but he is confident that he will be able to afford it.. Cho Lam indicated that price is not a big issue, and will continue to work harder to earn more money.
Read more about the couple here.