Sprawling luxury home on Hong Kong's Peak sells for $193 million

 A luxury home in Hong Kong’s exclusive Peak neighbourhood sold for HK$1.16 billion ($193 million), Wheelock Properties Ltd said.

The four-bedroom, 853 square-metre house boasts a swimming pool, elevator, garden and unobstructed views of Hong Kong and Victoria Harbour.

The price per square foot was HK$126,813 (HK$1.35 million per square metre) the most paid for a unit in the development, Wheelock said. It didn’t identify the buyer.

Soaring home prices have put Hong Kong in bubble risk territory as local and foreign investors pile in, making a “mild correction” likely, according to the UBS Global Real Estate Bubble Index.

Secondary residential prices have climbed 11 per cent in the past 12 months according to Centaline Property Agency.

The total price for the home, designed by the London-based David Collins Studio and sold fully furnished by tender, was the highest of 11 villas sold, Wheelock said. The company partnered with Nan Fung Development Ltd. for the development.

The three-story building comes with a two-car parking lot, a master bedroom with two separate dressing rooms and en-suite baths, cooking appliances by Gaggenau and a home automation system that can be controlled by smartphone.

A home on the Peak sold for HK$2.1 billion last year, a record for the city, according to the South China Morning Post.

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This story was first published by Bloomberg.