The chairman of Bel Global Resources Holdings, Stephen Sy Chin-mong, has bought a house on the Peak for HK$52,566 per square foot, the third-most expensive in Asia. One-card International, owned by Mr Sy and Sy Tin-choy, bought House No16 at Pollock's Path for HK$380 million on September 11, according to the Land Registry. Property agents said the Sys, who now live in Stanley, probably bought the house for their own use as they were not active property investors. Stephen Sy, who became Bel Global's chairman in April last year, has more than 30 years of experience in trading and in the timber, transport, manufacturing and finance industries. The three-storey house at Pollock's Path has a floor area of 7,229 square feet, with a swimming pool, a garden and a view of Victoria Harbour. The property, on the site of the former 'Skyhigh' development, was the one-time residence of former Hongkong Bank chairman Michael Sandberg. Actor-director Stephen Chow Sing-chi (above) and Ryoden Development acquired the site for HK$320 million in 2004 and redeveloped it into four units. The owners had asked for HK$60,000 per square foot but after the effect of the global financial crisis on the property market, they agreed to sell one house for HK$52,566 per square foot. The most expensive house in Asia by unit price is house 15 at Severn Road on the Peak that De Monsa, an Indonesian investment fund, bought for HK$55,736 per square foot in December last year. Simon Lo, a director of the research and consultancy department at Colliers International, said the average price of luxury homes on Hong Kong Island had dropped 0.5 per cent after rising 21 per cent in the first seven months. He expected the prices of luxury homes would drop 15 to 20 per cent in the next 12 months.