The World's Most Expensive Home Is Up For Sale

Forget London's Mayfair, ignore New York's Central Park West; the world's most expensive home (on a square-foot basis) is at the exclusive Victoria's Peak neighborhood in Hong Kong. No. 1 Twelve Peaks is a 4,661 square foot home that, if sold for list, is valued at a stunning $22,675 per square foot... As WSJ notes, those interested in the latest listing will be encouraged to act fast: A buyer will be offered a 3% discount if a deal is made within five months.

 

 

 

 

 

As WSJ China reports (h/t @jjasonchew ),

In Hong Kong, luxury real estate prices keep climbing to the stratosphere.

Developer Sun Hung Kai Properties 0016.HK +0.87% is listing House No. 1 at its new Twelve Peaks development located in the city’s exclusive Victoria’s Peak neighborhood at 819.1 million Hong Kong dollars (US$105.7 million). If a buyer pays full price, it would represent a cost of HK$175,735 per square foot and would be the world’s most expensive home ever sold on a per square foot basis. It would also be the most expensive home ever sold in the city.

The recently constructed home spans 4,661 square feet, with four bedrooms, a private pool, a garden, rooftop terrace and a carport that can house two cars.

Hong Kong has broken its share of records before. The most expensive home sold to date in Hong Kong was a 5,989 square-foot manse on 10 Pollock’s Path, also located on the Peak. That house sold for HK$800 million, or HK$133,578 per square foot, in 2011.

Those interested in the latest listing will be encouraged to act fast: A buyer will be offered a 3% discount if a deal is made within five months. Sun Hung Kai is also offering the early-bird buyer a 11.75% rebate on the 15% buyer’s stamp duty.

Discounts have lately become common practice in Hong Kong as developers hope to stoke lagging demand of new homes.

One wonders who the buyer might be now that London and New York appear to have 'sanctioned-out' the Russian Oligarchs and as we noted previously, the billionaires see Hong Kong dollars like US dollars (but safer from Washington's grasp)...