A house for sale at Severn 8 on The Peak will most certainly solve any fashionista's worries of having to go through the trouble of making their living area look chic. The interior design was done by international brand Ferragamo, part of the reason it has an asking price of HK$240 million. The house is sitting in the 'best position' of the whole housing estate, especially because of its view over Victoria Harbour, according to Ken Tong, assistant district manager of Island South and Peak of Midland Realty. The house has 4,325 sqft over three floors and has four bedrooms, three of which have en suite bathrooms, and there is a balcony off the master bedroom on the top floor. In addition to the main house, there is a 1,000 sqft garden and a car park for up to three cars. The estate has 22 houses split into two levels, with houses on the lower level a bit smaller at 3,300 sqft. Clubhouse facilities include a swimming pool, a banquet room and a karaoke room. Midland Realty, agent of the house, predicts that the house will fetch the asking price, as another house at Severn 8 of the same size was sold for HK$240 million recently. Tong said property prices on The Peak had been rising since the drop during the economic meltdown and that they had a long way to go before screeching to a halt. 'The price of land is rising. So when a developer buys a more expensive piece of land, the price of new residential property built is bound to be more expensive than the current prices of houses,' he said. 'In addition, property owners wouldn't want to see their house value decline so they will push up their prices to match the new property prices, and this will drive up the prices in the whole Peak area,' Tong said. Tong used as an example the piece of land bought by Sun Hung Kai Properties in 2006 in Mount Kellett Road for about HK$42,000 per sqft. Although the developers are still in the tearing-down process, he expects the future residential property there will set new heights for property prices on The Peak. The average price in The Peak area for a house with a view over Victoria Harbour is about HK$50,000 per sqft, and HK$20,000 for an apartment with an Island South sea view. Tong foresees property prices in the area surpassing the highest recorded transaction of HK$56,000 per sq ft, possibly reaching HK$70,000 to HK$80,000 per sq ft.