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THE PEAK WAS ALWAYS  the place where top colonial officials lived in the heyday of the British Empire. It was a place where only the most important, elite expats lived.

But those days belong to history and anyone with a packet of money can buy a house on the Peak. Recently, mainland tycoon Hui Wing-mau spearheaded the purchase of The Genesis on the Peak, one of the most expensive houses in the world.

Mount Kellett is one of the main residential areas on the Peak. With Peak Road and Plantation Road, it is the most luxurious residential part of Hong Kong.

'There is only a small supply of houses and apartments on the Peak, therefore property prices do not drop as much as those in downtown areas, even in recession,' said William Lau Man-wa, sales manager of Midland Realty's Peak branch.

Indeed, the average unit price of properties on the Peak is HK$8,000 per square foot. With an average size of 1,500 sq ft, houses in the area can quite easily cost more than HK$10 million.

Apart from the limited supply, there are other reasons why Peak properties cost so much when compared with other luxurious residential areas in Mid-Levels and the southern district.

The Peak offers a beautiful, pollution-light environment and is within easy reach of Central.

'Mid-Levels is accessible but the density is high. There are too many buildings there,' said Mr Lau. 'The environment of the southern district is good but transportation is not as easy.'

It only takes 10 minutes to drive from the Peak to Central, a bus ride to Admiralty, where the Pacific Place shopping mall is located, takes only about 20 minutes, and the Peak Tram, opened in 1888, continues to offer a more unusual descent.

Also, the area has a shopping mall and the famous Peak Galleria where a supermarket and a number of restaurants are located. There are also kindergartens and international schools nearby.

Mr Lau said Mount Kellett had a number of qualities that set it apart from the rest of the Peak. Of the three major residential areas, it had the most beautiful environment and most of the houses and apartments had a sea view.

A minibus service runs between the Peak Galleria and Star Ferry in Central but, unlike Peak Road where the bus depot is located, the area around Mount Kellett is quiet, making it an ideal location for a home.

'It is a quiet area as it is not part of a bus route. The view is beautiful, too. On the other hand, it is more accessible than Plantation Road, ' said Mr Lau.

There are townhouses and apartments on Mount Kellett, but sales transactions are not particularly active.

Midland Realty recorded only one transaction there last month.

Mr Lau said few people were willing to sell their house or apartment on Mount Kellett.

'Most people buy a property on the Peak for self-use. They rarely sell it. Instead, some property owner will lease out their properties,' he said.

Another advantage to living on Mount Kellett is that all the units or houses come with a parking space, a rarity in Hong Kong.

'The supply of parking lots on the Peak is abundant. It always comes with the house or apartment. Even if you want to buy a parking space, the price is only about HK$300,000 to HK$400,000.'

Though the price of parking lots is not too expensive, the price of property is at the other end of the scale.

Vivian Court is an old building on Mount Kellett Road. Although it is more than 40 years old, the sales price of a unit there is HK$5,500 per sq ft and rentals are in the range of HK$26 per sq ft.

Two other buildings, Eredine, which is 36 years old, and Mountain Lodge, which is 29, are priced for sale around HK$6,500 and HK$6,900 per sq ft, respectively. Rental prices range from HK$26 per sq ft to HK$29 per sq ft.

For those wanting even more luxurious accommodation, there are houses on large plots on Mount Kellett Road. Mr Lau said houses on the Peak were much sought-after as many people who were rich enough to afford a house, preferred to live there.

Number 74 Mount Kellett Road has 10 townhouses. Mr Lau said that in 1998, the year they were built, these townhouses sold for HK$9,500 per sq ft, but now their price had soared to HK$11,500 per sq ft, despite the troubled times hindering the property market.

He said that even though prices were high, people could get a bargain in the area.

La Hacienda was one such place, he said. There was one transaction in the 16-year-old development in November. The sales price was about HK$7,500 per sq ft and the 4,000 sq ft house sold for HK$30 million.

Chateau de Peak also offered bargains, Mr Lau said. Built in 1986, a 3,475 sq ft house there recently sold for HK$48 million.

There are several new sites on Mount Kellett Road, too.

These include Chelsea Court, an apartment building, and No 71 Mount Kellett Road, which consists of five houses developed by Sun Hung Kai Properties.

However, Mr Lau did not expect the price of properties on the Peak to fall even when supply increased, as many of the new properties may not be up for sale.

'Many of these properties are sold to fund managers for investment. They may not be open for the public to buy,' he said.

Property Pick will return on January 6

Graphic: PRO16gwz



Mountains of money are necessary for a breathtaking view from the top of Mount Kellett