PHOTO: The two houses on Hermit Beach, Vaucluse, are near neighbours to The Hermitage estate owned by Justin Hemmes. Photo: Peter Rae

Alexander Ma is only 29, but when it comes to his property acquisitions he’s doing better than most  of his Gen Y peers.

A year ago, the young property investor paid $26.5 million for a seven-bedroom mansion in Vaucluse. Now, he’s forked out $55 million for two neighbouring houses a few doors away.

And, sources say, they expect the two houses to be demolished after Ma settles on them to make way for two or three separate dwellings on the prime harbour-front site.

Probably helping to fund it all is Ma’s father, the Hong Kong press baron Peter Ching-kwan Ma.