Two slices of 'Skyhigh', the one-time residence of former Hongkong Bank chairman Michael Sandberg, are up for sale at what are likely to prove sky-high prices. Where the 20,000-square-foot mansion with its 360-degree view of Hong Kong once stood, there are now four smaller houses whose new owners - actor-comedian Stephen Chow Sing-chi and Ryoden Development - are putting two of them up for sale. Do not bother making a bid if you need to ask how much they are likely to sell for. But just for the record, Raymond Ho Wing-fai, director of Raymond WF Ho and Company, the sole marketing agent, hopes each house can be sold at more than HK$400 million, or in excess of HK$60,000 per square foot, which would comfortably set new records for Hong Kong. 'Buyers will be willing to pay a premium for the houses, which are on the top of the Peak and enjoy excellent views,' Mr Ho said. Property consultants estimate the market value of each house at more than HK$350 million or more than HK$50,000 per square foot. The existing record price for a Hong Kong home is held by the Severn 8 luxury residential project on the Peak, developed by Sun Hung Kai Properties. The owners of cosmetic brand Fancl's import agent bought House One at Severn 8 for HK$210.8 million in early June, according to the Land Registry. The most expensive flat in Hong Kong is the 7,088 sqft penthouse in Branksome Crest in Mid-Levels, a project developed by Kerry Properties. Last month, it was sold at HK$282 million or HK$39,785 per square foot. Skyhigh, once dubbed 'Sandberg's folly' for its extravagant features, has had a chequered history. Hongkong Bank sold the house to Japanese businessman Kazuo Wada, the chairman of Yaohan International, for HK$85 million in 1991. But Mr Wada was forced to sell the house to Pearl Oriental Holdings when his business empire ran into financial problems in late 1996. Pearl Oriental, chaired by Wong Kwan, demolished the mansion shortly after the purchase to make way for five HK$120 million luxury villas. The project never got off the ground after the property market crashed in late 1997 during the Asian financial crisis. In 2004, the 43,824 sqft plot, the highest point of the Peak, ended up in the hands of a creditor bank of the Sun's Group (formerly Pearl Oriental) after the property developer ran into financial trouble. Chow bought the site in 2004 for HK$320 million and teamed up with Ryoden later to turn it into a four-house development. The existing landlords won approval from the government to give each house a separate address - 10, 12, 16 and 18 Pollock's Path - ensuring unique identities to go with their unique location. It is rumoured that Chow may reserve 12 Pollock's Path for his own use. According to plans approved by the Buildings Department in 2004, the site was cleared for development into four four-storey blocks with a total net house area of about 21,900 sqft. But the saleable area of each house, which includes ancillary spaces such as storage rooms and balconies exclusively designated for each house, is between 7,300 and 8,300 sqft, according to Mr Ho. All four houses look similar but each has a variation to show its identity, said Bing Kwan, director of P&T Group, the architect of the project. Mr Bing said the design was in harmony with the sloping landscape on which the houses were built. 'In between the four houses, there is a waterfall. [The development] also has lots of terraces that were established to capture a sense of the natural surroundings,' Mr Kwan said. Property agents said the volume of transactions for top-end homes had surged significantly recently because of limited supply and the market's anticipation of a sound economy. There had been 6,164 deals involving sales of second-hand homes worth more than HK$10 million from the beginning of the year to November 26, up 240 per cent on the same period last year.