A four-bedroom house for Rs 955 crore? Hong Kong property seller just sold a unit

A general view of Mount Nicholson project developed by Wheelock and Company, with one of the four-bedroom houses sold for HK$1.16 billion ($148.7 million), in Hong Kong, China November 1, 2017. REUTERS/Bobby Yip - RC1F424CA3A0

A four bedroom house in Hong Kong has been sold for a whopping Rs 955 crore (HKD 1.16 billion). The 9,178 square foot home is in the exclusive Peak neighbourhood with an unobstructed view of Hong Kong and Victoria Harbour.

The house boasts a swimming pool, an elevator and a garden. Sold by Wheelock Properties Ltd, the per square foot price of the home stands at Rs 10.4 lakh (HKD 126,813), which is the most ever paid for a unit in development in Hong Kong, reported Bloomberg. Wheelock refused to divulge the identity of the buyer.

Post the financial crisis, Hong Kong’s real estate market is under the radar as it falls in bubble risk category, according to the UBS Global Real Estate Bubble Index. As per the estimate, the average living space in Hong Kong is a “tiny” 150 sqft. No wonder, in the last one year, the housing prices in the city have risen by almost 20 percent, one of the highest in the world.

According to Wheelock, quoted in the Bloomberg report, the total price of the home is the highest among 11 villas they have sold. The home has been designed by London-bases David Collins Studio and will be delivered fully furnished. The villas, part of Mount Nicholson project, are being developed by The Wharf (Holdings) Limited and Nan Fung Development Ltd.

The building has three levels and comes with a two-car parking lot, a master bedroom with two separate dressing rooms and en-suite baths. Cooking appliances by Gaggenau and smartphone-controlled home automation system are also the part of the package.

However, this is not the highest amount someone has paid for an abode in Hong Kong. Last year, a home in the same neighbourhood was sold for Rs 1,730 crore (HKD 2.1 billion).

(HKD 1= Rs 8.24)