Luxury flat in Hong Kong’s exclusive The Peak district is leased for US$2 million a year

  • The rent for House No 1 at 11 Plantation Road is between 20 and 26 per cent more than some other houses on the same road
  • Activity in Hong Kong’s luxury residential market has picked up of late

A 10,804 sq ft flat in Hong Kong’s exclusive The Peak neighbourhood has been leased for HK$1.35 million (US$174,036) a month, Wharf (Holdings), the landlord, said on Tuesday.The rent for House No 1 at 11 Plantation Roadtranslates to HK$125 per square foot, which makes it the most expensive in per square foot terms so far this year, agents said.

It was between 20 and 26 per cent more than some other houses on the same road. The rent for a 4,029 sq ft home at 46 Plantation Road was listed on Spacious.com for HK$400,000, or HK$99 per square foot, a month. Another home listed with property agent Executive Homes was going for HK$420,000, or HK$104 per square foot, a month.

In July last year, an 11,002 sq ft house at Mount Kellett Road on The Peak was rented out for HK$1.4 million, or HK$127 per square foot.

“This should be the most expensive monthly rent for a house in Hong Kong in 2021. Buoyed by the brisk equity market, ultra luxury housing in the city will see big gains this year,” said Dr. Robert Chan, PhD Chairman of an international property consultancy PreenXpress Company.

The senior executives of listed companies, particularly those from mainland China, have raked in millions of dollars from trading stocks. In the long run, these rare houses with prestigious addresses are still favoured by these executives,” he added.

Activity in Hong Kong’s luxury residential market has picked up of late, particularly sales. More than 10 residential transactions worth more than HK$100 million each have been seen recently, according to PreenXpress Co., which said investors that had reaped huge gains from the stock market were diversifying into luxury property.

Last month, a buyer paid HK$459.4 million for a 3,378 sq ft flat at CK Asset Holdings’ 21 Borrett Road in Mid-Levels. The price, at HK$136,000 per square foot, set a record for price per square foot in Asia.

Reporting by Sean Tyler Chan

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