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New Home on Hong Kong's Peak Sets Asian Record Price by Area

  • Mount Nicholson villa Fetches $19,400 per square foot
  • Price per square foot about 20% higher than similar property

Residential buildings in the Peak area of Hong Kong.

Photographer: Vivek Prakash/Bloomberg

An unidentified buyer paid a record HK$151,785 ($19,400) per square foot for a new luxury house in Hong Kong’s exclusive Peak neighborhood, making it Asia’s most expensive by area, according to Knight Frank LLP.

The buyer shelled out nearly HK$1.4 billion Thursday for the 9,217-square-foot villa featuring four en-suite bedrooms, a swimming pool and elevator at its Mount Nicholson development, Wheelock Properties Ltd. said in an email. Another house in the development fetched HK$1.16 billion in November, at a price of HK$132,000 per square foot.

The result reflects buoyant prices in Hong Kong and the fact that the supply of new luxury homes on the Peak is extremely limited, said Thomas Lam, head of valuation and consultancy at Knight Frank.

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