The Real Deal New York

This Hong Kong home just sold for $149M

Four-bedroom house overlooks the harbor
November 01, 2017 10:21AM

Mount Nicholson project (Credit: Wheelock Properties via Bloomberg)

Whenever home prices in Manhattan seem out of control, Hong Kong is there to remind us that it could still be worse.

A four-bedroom house in the city’s Peak neighborhood just sold for $149 million, according to developer Wheelock Properties.

The 9,178-square-foot house is part of the 11-building Mount Nicholson development.

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It has a garden, an elevator, a two-car garage and a swimming pool. In other words: it’s more or less your average high-end single-family home, except that it sits on some very expensive land and boasts views of Hong Kong’s harbor, Bloomberg reported.

A home in the Peak neighborhood last summer sold for $270 million (almost $30,000 a square foot), believed to be a record in Asia. And last month, a penthouse in Hong Kong sold for over $13,000 a square foot.

Hong Kong is already the most expensive housing market in the world, and it got even more expensive during the second quarter of the year, when the proportion of income spent on mortgages rose from 56 percent to 67 percent. Even some bankers struggle to afford a decent-sized pad. [Bloomberg] — Konrad Putzier