HONG KONG HOME SELLS FOR IMPRESSIVE PRICE TAG

A luxury Hong Kong home in one of its most exclusive neighborhoods has sold for an impressive HK$1.164 billion.

The 9,178-square-foot residence is based in The Peak - the area surrounding Victoria Peak, the highest point in Hong Kong – which is home to the wealthiest Hong Kong and Chinese business moguls.  The buyers of the four-bedroom home, which boasts a private swimming pool, terrace, courtyard, two-car garage, and views of the Victoria Harbour and city skyline, have yet to be revealed.

This is the second HK$1 billion-plus sale in the luxury residential development on Mount Nicholson Road, developed by Nan Fung Development Ltd. in partnership with Wheelock Properties Ltd. Last December, a limited liability company, Giant Victory Holdings, purchased a 9,950-square-foot residence for HK$1.08 billion.

Phase I of the project will have 17 two-to-four-story residences, ranging in sizes from 7,042 square feet to 9,950 square feet, according to company filings. At least eight of the houses were sold with prices starting at HK$525 million, according to latest statistics. Phase II and III will include two apartment towers and 49 single-family houses.

But neither of these come close to the most expensive residential sale on record in Hong Kong which stands at HK$21 billion. This 9,212-square-foot home, also in The Peak, belongs to Hongtian Chen, chairman of Shenzhen-based real estate developer Cheung Kei Group.

Ranked the world’s top luxury market in 2016 by Christie’s International Real Estate, Hong Kong registered four US$100 million-plus sales last year.