Hong Kong’s Real Estate Is World’s Peak
Posted in Hong Kong by: Marie
The bar for luxury residential real estate in Hong Kong, already one of the most expensive areas in the world, has been raised.
The Peak, at 1,811 feet above sea level, is the highest point on Hong Kong Island and has symbolized prominence and wealth since the 19th century. Formally known as Victoria Peak, it towers above the heart of the city and has spectacular, 360-degree views of all of the surrounding islands. To live there signifies a status level for which captains of industry from around the world are willing to pay top dollar.
Last month, The Peak exceeded its own lavish reputation, with local headlines claiming it is the site of the most expensive residential piece of land in the world. The government land auction of 12 Mount Kellett Road fetched $231 million from Sun Hung Kai Properties — 134 percent of the opening bid and a projected $5,417 per square foot.