Asia’s most expensive home per square foot is set to go on sale in Hong Kong, which boasts some of the world’s costliest properties despite efforts to curb skyrocketing prices.
The 4,661 square-foot ultra-luxury home, located in the southern Chinese city’s affluent Peak district, comes with a $105.67 million price tag.
This would make it Asia’s most expensive home per square foot if a buyer matches the price sought by developer Sun Hung Kai Properties, according to analysts Thursday.
With four bedrooms the house is compact by luxury standards, but it comes with a swimming pool, jacuzzi, elevator and an exclusive location on Victoria Peak, the central mountain on Hong Kong island that offers spectacular views over the city.
“It should be Asia’s most expensive per square foot,” if sold at the asking price, Joanne Lee, manager for Colliers International research department, told us.
Despite efforts by Hong Kong’s government to curb property prices by boosting stamp duty for foreign residential property buyers, Lee said developers are still pricing property projects aggressively to tap into demand from wealthy buyers from mainland China.
“They are trying to attract mainland buyers instead of local buyers,” she said.
“Some mainlanders, they are looking for this kind of thing — like the biggest or the most expensive houses.”
There is no date set for the public sale, with the move-in date expected to be later this year.
The government has in recent years imposed new taxes, raised stamp duty and staged a series of land auctions to boost supply and bring down prices in an attempt to tame one of the world’s least affordable housing markets.
A luxury 6,200 square-foot apartment in a building designed by Pritzker Prize-winning architect Frank Gehry sold for HK$470 million in August 2012.
At the time of purchase it was believed to be the world’s second most expensive apartment after a penthouse flat at London’s One Hyde Park.