A mansion for sale in Hong Kong's exclusive and wealthy Peak neighbourhood could break the record for the most expensive home sold in the territory - and possibly in all of Asia.
The $446 million (R6.3) home, which was built in 1991, went on the market in April 2018 and was available for lease before that, Joyce Lee, a representative for Christie's International Real Estate, told Business Insider.
Christie's International Real Estate named Hong Kong the prime luxury market in the world for the second year in a row in its 2017 "Luxury Index" that evaluated growth and demand of premium real estate.
Hong Kong claimed the world's first and second most expensive home sales of 2017, according to the South China Morning Post, breaking several property records in the process, as Business Insider's Rosie Perper reported. An estate on The Peak was sold for $360 million (just over R5 billion) to billionaire technology manufacturer Yeung Kin-man in January 2017, the South China Morning Post reported.
In November 2017, the most expensive apartments in Asia sold for a combined $149 (R2.1 billion) million. And the city-state continues to break records in the luxury housing market in 2018.
In March 2018, a buyer paid $178.4 million (R2.5 billion) for a mansion in Hong Kong's super-exclusive and wealthy Peak neighbourhood, making it the most expensive residential sale in all of Asia, according to Bloomberg.
But this $446 million home could break even those staggering records. Here's a look inside the mansion and the exclusive, super-wealthy neighbourhood where it sits.
The $446 million price tag for the home might seem mind-boggling if you're not aware that Hong Kong has the most expensive housing market in the world. A survey of 300 cities has named Hong Kong the least affordable housing market for eight years in a row.
The neighbourhood, called the Peak, which is short for Victoria Peak, is known for being one of the most expensive residential neighbourhoods areas of Hong Kong — and the world. It's home to bankers, wealthy expatriates, business magnates, celebrities, and Chinese millionaires and billionaires.
It's rumoured that Jack Ma, the Chinese billionaire who founded Alibaba, purchased a $191 million (R2.6 billion) mansion in the neighbourhood in 2015, but that has never been confirmed.
Its elevated location offers stunning views of Hong Kong's skyline as well as a relative respite from the sweaty streets of the city.
On the Peak, the supply of new luxury homes is extremely limited, Thomas Lam, head of valuation and consultancy at Knight Frank, told Bloomberg. "Prices for houses will grow further due to the limited supply," Lam told the South China Morning Post.
Hong Kong as a whole is in the midst of a housing crisis that forces tens of thousands of people to pay at least $180 (R2,500) a month to live in tiny "coffin homes."
A government task force has been trying to figure out how to make better use of Hong Kong's scarce land. Some options they're considering include creating pod homes out of concrete drainpipes, adding additional floors to skyscrapers, and even building artificial islands.
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