Hong Kong 3-Acre Residential Lot Sells for Record $654 Million

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Hong Kong continues to set record property sale prices.

Today, International real estate consultancy Savills announced that it has concluded the land sale of 75 Peak Road at HK$5.1 billion ($654 million USD), the largest deal in Hong Kong private residential market ever in history.   This rare huge site on the peak, also known as Ho Tung Garden to many, spans an area of 124,000 sq. ft. (2.85 acres) and represents an average of HK$82,258 ($10,607 USD) per sq. ft. sales price just for the land.
 
Commenting on the transaction, Raymond Lee, CEO of Greater China, Savills said, "it has been an honor to offer our professional services to the Ho Tung Family.  This remarkable deal has demonstrated the importance of team work and the trust our client put in us."
 
Patrick Chau, Deputy Senior Director, Residential Development and Investment, Savills, said, "The site is located at a secluded located with unobstructed sea view of the Southside.  This sale is the best proof that this type of niche property is of enormous value and Savills has the capacity to realize the full value of such a unique asset."
 
The site is set to be re-developed by the buyer, who remains confidential.