Overlooking the magnificent Victoria Harbour, The Peak is the pinnacle of luxury property in Hong Kong.
Severn Road, which winds around Mount Gough just below Peak Road, is the most expensive residential street in the world - at HK$50,725 per square foot, up 72 per cent in a year. It usurps a position previously held by Avenue Princesse Grace in Monte Carlo, according to the Wall Street Journal group.
The old colonial homes on The Peak tend not to change hands frequently, says Terri Lai Tak-yee, district associate director for The Peak at Centaline Properties.
He adds: 'Once mainland Chinese buyers acquire their property, they are not going to put it up for rent. They just leave it there, like a collection.'
In July last year, the Nan Fung Group and Wheelock Properties jointly bought the former government staff quarters at 103 Mount Nicholson Road for HK$10.4 billion in a government land auction.
The developers are building townhouses and apartments at the site.
'To have an address on The Peak signals a person has reached the heights not just financially but socially,' says Ricky Wong, managing director of Wheelock Properties. 'The shortage of quality properties on The Peak equals solid investment value in the long run.'
