A house at the Severn 8 luxury residential project on the Peak, developed by Sun Hung Kai Properties, has been sold to the owners of cosmetic brand Fancl's import agent at a record high price for residential property in Asia. Last month, the property, house one at Severn 8, was rumoured to have been sold to former Thai prime minister Thaksin Shinawatra. Mr Thaksin's lawyer and the agent for the sale, Midland Realty, denied the claims. Christopher Chan Chi-ming, an executive director of Fantastic Natural Cosmetics, the import agent for the Fancl cosmetic brand, and his wife and company general manager, Ma Mok-lan, bought house one at Severn 8 for HK$210.8 million early last month, according to the Land Registry. The three-storey property, with a gross area of 5,129 square feet, sold for HK$41,099 per square foot, a high for house prices in Asia including Japan. Fantastic Natural Cosmetics has been the import agent of Japan cosmetic brand Fancl since 1996. The agent has opened 27 Fancl stores in Hong Kong and the success of the brand has helped the company to expand in Macau and the mainland where it has outlets in 10 cities. Property agents said Mr Chan lived in an apartment project at the Peak. 'He is a typical buyer in the luxury houses market,' one agent said. 'Most of the buyers of houses on the Peak and Island South are local people used to living in apartments. They are willing to pay an aggressive price for a house on the Peak for a better living environment.' Mainlanders and industrialists are other main buyers in the luxury residential market, said Koh Keng-shing, managing director of Landscope Surveyors. Severn 8, at No 8 Severn Road, offers Victoria Harbour views and has 22 houses of between 3,300 and 5,147 sqfeet. SHKP bought the site for HK$490 million or HK$8,350 per square foot in 2000. Simon Lo, director at the research and consultancy department of Colliers International, said average prices of luxury residences on the Peak jumped 9 per cent to HK$14,252 per square foot in the first half, higher than the crest of the property market in 1997. He expects the prices will rise 15 per cent in the next 12 months.