The Real Deal New York

What does $446M get you in Hong Kong?
A teardown.

Home is in what is arguably the world's most exclusive neighborhood
September 20, 2018 09:30AM

24 Middle Gap Road surrounded with Chinese yuan (Credit: Executive Homes and Pixabay)

A stodgy home in Hong Kong’s exclusive Peak neighborhood just hit the market — for $446 million.
If it sells anywhere near that price, the four-bedroom pad would be one of the most expensive sales in the world, according to Bloomberg.

“It’s more about the land it’s on than the house itself,” Lawrence Brown, a senior consultant at Executive Homes Hong Kong, told Bloomberg. “The house is quite old. If they are going to pay that much, they would probably knock it down or put another nicer house” there.

The home at 24 Middle Gap Road is on just over a third of an acre of land. It includes a swimming pool, parking for two cars and some 1990s decor, the report said. But it’s in a highly sought-out location. A development site that once contained a historic villa at 75 Peak Road sold in 2015 for $657.8 million, and Alibaba CEO Jack Ma bought a house on Peak Road for $193 million. A home in the Peak neighborhood in 2016 sold for $270 million (almost $30,000 a square foot), believed to be a record in Asia.
In
Last year, Villa Les Cedres, a 188-year-old, 14-bedroom mansion in the south of France, was listed for 350 million euros ($409 million). [Bloomberg] — Meenal Vamburkar

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