The Peak – On top of the world

5_2014080623073544866peaks (1)If you believe that the runaway Hong Kong property market has been stopped in its tracks due to the Government’s recent property-cooling measures, then you are going to be surprised to learn that the world’s most expensive house in terms of price per square-foot has just come up for sale at the Peak. 

Priced at an astronomical HKD 819 million, which translates into a whopping HK$175,735 per square foot, this luxurious abode is nestled within the exclusive Twelve Peaks development on 12 Mount Kellet Road, atop Hong Kong’s landmark attraction and much-coveted address, the Peak.

This swanky development consisting of a dozen, spacious, three-storied super-luxury houses hails from the stable of Hong Kong’s largest property company, Sun Hung Kai Properties. The houses within the development enclose saleable areas that range from 3,657 and 4,661 sq. Ft. and are loaded with all the necessary accouterments. The project is due to be completed before the end of this year.

The pricey dwelling under consideration termed as  house No1, and it has a saleable area of 4661 sq. ft. Aside from its large-size, the house is outfitted with various desirable amenities like a large private garden, private pool, terrace and rooftop space and private elevator. A humongous 220 sq. ft. air-conditioning plant room and an expansive car park area, large enough to house one or more of the prospective owner’s swank cars are some of the other features on offer at this eminently self-contained unit.

If house No 1 does indeed fetch its rather extravagant asking price, the deal would be break all records. Moreover,this extravagant price if met would establish the dwelling as the most expensive home (per square foot) in the world.

The listing at this price is all the more surprising given the fact that the developer recently withdrew the sale by tender of house No 11 and No 12 at the very same development when the bids offered didn’t quite meet the asking prices. The residences are now available for sale at HK$ 404.2 million and HK$ 425.4 million respectively.

SKHP is offering a maximum discount of 14.75 percent on No 1which means the home could yet sell for about HK$150,000 per square foot or HK$698.3 million. An amount, which is still substantially higher than other recent record-breaking prices like HK$455 million or HK$86,200, which a ninth-floor flat at the iconic, Frank Gehry-designed Opus building situated in the Mid-Levels East district fetched in 2012.

The list price of House 1 at Twelve Peaks highlights the fact that there remains much confidence in the Hong Kong property market given the city’s stable and flourishing economy. Also regardless of any property-cooling measures, the Peak continues to be a much sough-after address in Hong Kong, which will always find takers among the world’s most affluent folk.

Records indicate that the lofty neighborhood of the Peak with its rolling green hills and swirling mists has historically housed the most expensive homes in Hong Kong. The neighborhood is home to several other expensive dwellings. Located here are costly abodes such as House 10 at Skyhigh on Pollock’s Path, which sold for HK $800 million (HK$133,578 per square foot) in June 2011, and 3 Gough Hill Road, which fetched a princely HK$ 650 million (HK$126,336 per square foot) as recently as February 2014. Another statistic, that points to the fact that the Hong Kong property market is poised for another takeoff.

So if you have been waiting in the wings with the hope of purchasing a property, perhaps its time to bite the bullet and take the plunge before prices rise further. Our ever-changing real estate portfolio at Engel and Volkers Hong Kong offers a variety of luxe homes to suit every requirement. Don’t hesitate any more, rather get in touch at your earliest so that we can help you locate your dream home in our fair city.


Photo credits go to The Standard Hong Kong

Posted in Residential.