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World's Most Expensive Home (By Sq Ft) Goes On Sale in Hong Kong

World's Most Expensive Home (By Sq Ft) Goes On Sale in Hong Kong

The world’s most expensive property by square foot has gone on sale – and it isn’t overlooking Hyde Park in London.
Sun Hung Kai Properties in Hong Kong has put the penthouse from its latest luxury development on the market for HK$820 million (£62.7 million).

That might not seem so expensive, especially as Britain’s most expensive flat reportedly recently sold for £140 million.

But with a saleable area of just over 4,600 square foot, the home at the top of Hong Kong’s hugely sought-after Victoria Peak district is just a quarter of the size.

At HK$175,000 (£13,400) per square foot, it represents the worst value by area of property the world has ever seen, the South China Morning Post reported.

The property is listed as house No 1 in the Twelve Peaks development at 12 Mount Kellett Road. Developers SHKP released its price list for all 12 houses in the development last night, with all of them going on the open market, but the penthouse was by some distance the most expensive.

While buyers will not be getting much floor space for their millions, the property does come with a number of perks that seem almost to come as standard in this super-deluxe class of home.

It includes a 4,480 square foot garden, an 800 square foot accessible rooftop and separate 275 square foot terrace, 900 square foot of car parking space and a private pool.

Located on Victoria Peak, a mountain on Hong Kong Island that is also one of the city’s most popular tourist attractions, the house also has spectacular views (when it isn’t too cloudy).

It remains uncertain whether or not the penthouse will be able to command its full asking price – the Post reported that SHKP had to cancel the sale by tender – effectively a silent auction – of No 11 and No 12 after bids all fell short of asking prices.

Both smaller than the penthouse, No 11 was listed at HK$107,529 per square foot, while No 12 is being offered at HK$112,808 per square foot.

But there is unquestionably a demand for luxury property on “The Peak”. David Ji, the head of research and consultancy for Greater China at Knight Frank, told Businessweek it was possible the huge price-tag was designed to get the attention of overseas buyers.

“It’s not surprising that it’s selling for an astronomical price” given the limited supply on the Peak, Mr Ji said. “It’s an investment class of its own. It would still be attractive to wealthy mainland Chinese looking to put their money abroad.”
Source: The Independent, August 2014

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