Sun Hung Kai pays record HK$42,196 per sq ft for Mount Kellett Road property
A residential site on The Peak has become the most expensive piece of land in the world, according to property experts.
Sun Hung Kai Properties paid a record HK$1.8 billion for the lot at 12 Mount Kellett Road, which has a potential gross floor area of 42,658 square feet when developed.
This translates to a jaw-dropping HK$42,196 per square foot, pointing to prices of HK$50,000 to HK$60,000 per square foot for the luxury houses to be built there - and prompting developers to consider ramping up prices for existing luxury properties that have been selling for half that amount.
Alan Man, director of residential services for CB Richard Ellis in Hong Kong, said he believed the sale made the Mount Kellett property 'the most expensive land site in the world in terms of unit price'.
'It must catch the headlines of newspapers around the world,' he said.