The family behind one of Mongolia’s leading mining conglomerates has acquired a luxury detached house in Hong Kong’s prestigious Stanley enclave for HK$247 million, marking one of the latest high-value transactions in the city’s luxury real estate market.

The buyer, Tisara Holdings, entered into a provisional agreement on January 29 for the purchase of House 5 at One Stanley, located at 128 Wong Ma Kok Road in the Southern District, according to land registry filings and property records.

Tisara Holdings is directed by Tselmuun Nyamtaishir, president and chief executive of Mongolyn Alt (MAK) LLC, a diversified Mongolian conglomerate with substantial interests in gold, coal and copper mining as well as building materials and other sectors.

MAK was founded in 1993 and has grown into one of Mongolia’s most significant private enterprises, contributing to domestic economic development and exports under Ms Nyamtaishir’s leadership.

Ms Nyamtaishir confirmed in correspondence that the property will be used as a private family residence, intended as a retirement home for the company’s founders.

She emphasized that the purchase is not connected with MAK’s corporate operations, financing or business activities, underscoring its personal nature relative to her family’s plans.

One Stanley is a prestige residential development by K&K Property comprising a limited collection of seaside homes and apartments overlooking the South China Sea, appealing to affluent local and international buyers seeking privacy, spacious layouts and premium finishes.

The project consists of 82 units including standalone houses and has been the site of several high-end transactions as confidence returns to Hong Kong’s luxury housing segment.

The acquisition reflects broader interest from private buyers in trophy residential assets in Hong Kong, even as the city’s overall property market navigates fluctuating demand and economic headwinds.

The deal is emblematic of how ultra-prime properties continue to attract significant capital from well-heeled buyers with global portfolios, particularly for properties with unique locations and lifestyle appeal.

Industry observers note that Hong Kong’s luxury residential market has remained a focal point for sophisticated investors and families seeking quality homes or long-term holdings, with properties in exclusive districts such as Stanley and The Peak often achieving robust price points compared with other segments of the local market.

The purchase by Tisara Holdings is consistent with this trend, reaffirming demand at the highest end of the market even in an evolving economic context.