Rent prices in Hong Kong’s most exclusive neighborhood reached new heights Thursday when local agents announced a 7,022 square foot home on The Peak was leased for HK$1.5 million ($206,000) per month.
This easily sets a new record for the most expensive rental property in the city and surpasses the previous record set just two months ago for another Victoria Peak house that is being let at a monthly rate of HK$1.35 million.
The detached house at 73 Mount Kellett Road boasts a panoramic view of Hong Kong’s Victoria Harbor, with five bedrooms, a sprawling garden and pool, can also accommodate up to 30 guests cars when the tenant hosts events.
Giant Experts Investments bought the property for HK$454.8 million in 2010 but the identity of the person now leasing the house remains private due to confidentiality agreements in place in the lease contract, property agents said.
The home was last rented for HK$1 million in late 2018.
Two record-setting lease agreements in as many months is testament to the resilience of Hong Kong’s luxury market. Transactions for villas in the financial hub rose 74.5% month on month in March, reaching a nine-month high of 82 properties sold, real estate agency Centaline said.
Local developers are reaping the profits. Victor Li, son of the Hong Kong self-made billionaire Li Ka-shing and chairman of developer CK Asset Holdings, reaffirmed the company’s commitment to super-luxury property construction at an annual general meeting this week.
The developer most recently sold a 2,945 square foot unit at 21 Borrett Road in Hong Kong’s Mid-Levels, another expensive address favored by expatriate families, for HK$250 million.