Skyhigh luxury homes on offer for a mere HK$400m

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.