Price for Luxury Goes Sky High in Hong Kong

 

High above Hong Kong, on the city’s iconic Victoria Peak, sits an elite enclave of new mansions, each outfitted with a swimming pool, grand ballroom-size living rooms and spectacular ocean views.

Three homes in the Twelve Peaks development sold in the first quarter for a combined $180.6 million, or an average unit price of $14,574 a square foot—the cost for seclusion among the dense woods near the Peak, the highest point on Hong Kong Island.

The price tops even one of the most expensive listings on New York’s Park Avenue. A new triplex penthouse at 520 Park Ave. is about to go on the market for $130 million, or roughly $10,490 a square foot, according to the developer’s offering plan filed with New York state.

Read the entire article at the Wall Street Journal.