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Friday, May 14, 2021, 14:43
HK luxury house 'sets record with US$2.5 million yearly rent'
By Bloomberg
Friday, May 14, 2021, 14:43 By Bloomberg

Buildings are seen from Victoria Peak in Hong Kong, China, on Aug 28, 2019. (PHOTO / BLOOMBERG)

Hong Kong’s luxury real estate sector continues to hit new highs, defying a declining rental market in the city.

A house on 73 Mount Kellett Road on the Peak was leased for HK$1.6 million (US$206,000) a month, Hong Kong Economic Times reported

A house on 73 Mount Kellett Road on the Peak was leased for HK$1.6 million (US$206,000) a month, Hong Kong Economic Times reported, citing unidentified sources. That translates into about US$2.5 million a year for the tenant.

The amount surpassed the previous record that was just set two months ago, signaling robust demand among the richest tenants in the world’s most expensive property market.

READ MORE: CK Hutchison's 2020 profit down 27% on pandemic hit

The five-bedroom house comes with a private elevator and a garden of 650 square meters.

Despite the falling rents across the city, Hong Kong’s most upscale market is defying the trend. The former rental record was held by Wharf Holdings Ltd., which leased a luxury house in its 11 Plantation Road project for HK$1.35 million a month in March.

ALSO READ: Hong Kong house costs a record US$2 million a year to rent

In February, CK Asset Holdings Ltd. sold a high-end apartment for HK$459 million, the priciest for such a property in Asia. That same month, a Wharf-led consortium won a residential plot on the Peak for a record price by square feet in Hong Kong.

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