Plans to build yet another ultraluxury mansion in Hong Kong have been approved by the city's Buildings Department underscoring how property has thrived despite the economic downturn caused by the coronavirus.

The mansion, which is estimated to cost more than $100 million, will be built in Hong Kong's "Tycoon Village" in the southern part of the island.

The project will be constructed by the descendants of the Keswick family, one of the original business magnates of the city during the British colonial era. The family, under its company Jardine Matheson Group, will build the mansion on top of an existing structure at 9 Big Wave Bay Road on the Shek O peninsula. Jardine was granted approval to demolish the existing property in July.

Jardine and Hongkong Land, of which it owns 50.4%, plans to redevelop the property and build a 15,306-square feet single-story mansion.  

Property experts at Knight Frank said that once completed, the mansion might attract other super-rich homebuyers from mainland China. It is not yet clear if the Keswick family has plans to sell the home once completed. Knight Frank appraisers estimate that the mansion could be worth about HK$918 million based on the average price of HK$60,000 per square foot.

Properties located in the Shek O peninsula are mostly owned by top executives and business magnates. For this reason, locals have dubbed the area Tycoon Village. Several multibillion-dollar homes are clustered around the Shek O Country Club and all have unobstructed views of the South China Sea.

Some of the better known business people that call the area home include Tencent Holdings' founder Pony Ma Huateng and Wah Kwong Shipping chairperson George Chao, the younger son of Hong Kong's second-wealthiest man Li Ka-shing and PCCW chairperson Richard Li Tzar-kai.

The project underscores how the mega-rich in China have largely been unaffected despite the city going through its worst recession in decades. Hong Kong remains one of the premier playground destinations for the ultrawealthy, with the city continually minting new millionaires each year. According to data published by Citibank Hong Kong, the number of U.S. dollar-based millionaires in Hong Kong had grown by about 22% this year.