The World’s Most Expensive Home Is Up For Sale

Forget London’s Mayfair, ignore New York’s Central Park West; the world’s most expensive home (on a square-foot basis) is at the exclusive Victoria’s Peak neighborhood in Hong Kong. No. 1 Twelve Peaks is a 4,661 square foot home that, if sold for list, is valued at a stunning $22,675 per square foot… As WSJ notes, those interested in the latest listing will be encouraged to act fast: A buyer will be offered a 3% discount if a deal is made within five months.

As WSJ China reports (h/t @jjasonchew ),

In Hong Kong, luxury real estate prices keep climbing to the stratosphere.

Developer Sun Hung Kai Properties 0016.HK +0.87% is listing House No. 1 at its new Twelve Peaks development located in the city’s exclusive Victoria’s Peak neighborhood at 819.1 million Hong Kong dollars (US$105.7 million). If a buyer pays full price, it would represent a cost of HK$175,735 per square foot and would be the world’s most expensive home ever sold on a per square foot basis. It would also be the most expensive home ever sold in the city.

The recently constructed home spans 4,661 square feet, with four bedrooms, a private pool, a garden, rooftop terrace and a carport that can house two cars.

Hong Kong has broken its share of records before. The most expensive home sold to date in Hong Kong was a 5,989 square-foot manse on 10 Pollock’s Path, also located on the Peak. That house sold for HK$800 million, or HK$133,578 per square foot, in 2011.

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Those interested in the latest listing will be encouraged to act fast: A buyer will be offered a 3% discount if a deal is made within five months. Sun Hung Kai is also offering the early-bird buyer a 11.75% rebate on the 15% buyer’s stamp duty.

Discounts have lately become common practice in Hong Kong as developers hope to stoke lagging demand of new homes.