House on the The Peak, Hong Kong’s most desirable address, sets new rent record at US$206,000 a month

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Luxury rents in Hong Kong’s priciest neighbourhood, The Peak, are climbing at an unprecedented rate, setting records in the process.
A 7,022 sq ft detached house on 73 Mount Kellett Road was recently leased for about HK$1.6 million (US$206,000) a month, or HK$228 per square foot, making it the most expensive in per square foot terms in Hong Kong this year. It easily surpassed the previous high of HK$125 per square foot set only two months ago for House No 1 at 11 Plantation Road when Wharf (Holdings) leased the 10,804 sq ft flat for HK$1.35 million.
The house on Mount Kellett Road was leased at around its indicative rent of HK$1.6 million, according to local agents. However, the identity of the tenant cannot be undisclosed because the lease is confidential. The property is owned by Giant Expert Investments, which lists Yau Ka-cheung as a director.
“This house, if offered on the market, could fetch HK$1 billion,” said Eric Lee, senior regional sales director at Centaline Property Agency. It is extremely rare to find a property listing that can accommodate 20 to 30 cars and will be suitable for bosses of big companies who like to entertain guests, he said. “HK$1 million to HK$2 million is just a drop in the ocean for them.”
The five-bedroom detached house on Mount Kellett Road, which measures 7,022 sq ft and has a garden of around 7,000 sq ft, was previously rented for HK$1 million in December 2018. The current owner bought it for HK$454.8 million in 2010.
Giant Expert Investments and Yau could not be reached for comment.
Sentiment in Hong Kong’s property market has improved along with the economy, which recorded a 7.8 per cent growth in the first quarter and ended a six-quarter losing streak. Developers have been registering bumper sales of new flats in recent weeks, while home prices have edged higher as the city authorities have managed to bring the Covid-19 pandemic under control.
Hong Kong’s luxury market, which is generally immune to the vagaries of the market, saw the number of transactions for villas soar 74.5 per cent month on month to 82 in March, a nine-month high, according to Centaline.
Meanwhile, Victor Li, chairman of developer CK Asset Holdings, echoed the optimism surrounding the property market. Recent sales of the company’s super-luxury properties have been good as buyers are returning to the market, Li told the company’s annual general meeting on Thursday
In February, a flat at CK Asset’s 21 Borrett Road
project set a record for price per square foot in Asia. Li said that super-luxury residential properties have all recorded huge transactions, reflecting improved performance of the company amid the economic recovery.
Separately, billionaire Pan Sutong, the chairman of the distressed Goldin Financial Holdings, is looking to sell a house at 75 Deep Water Bay Road for as much as HK$3.6 billion, according to media reports.
“This is the private affairs of individual shareholders. The group will not comment,” a company spokeswoman said.
Source: South China Morning Post

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