A Vertical Mansion Valued At HK$2.8 Billion Is Being Built In Mid-Levels
In a space-starved city like Hong Kong, sometimes the only way to go is up—so developers have unveiled plans for an eight-storey vertical mansion in Mid-Levels, one of the city's most prestigious neighbourhoods.
Personal skyscrapers are already a big hit among India’s super wealthy, with billionaire Mukesh Ambani famously spending US$2 billion on his own 27-storey tower in Mumbai and industrialist Gautam Singhania residing in a 30-storey property. Now K Wah International and Chuang’s Consortium International are looking to replicate the trend in Hong Kong, albeit on a smaller scale.
Building plans show the project at 28 Po Shan Road will boast 44,388sqft of space spread over eight floors, along with a 2,197sqft roof terrace and a 4,446 sqft garden. According to the South China Morning Post, the property will have 6-metre ceilings in the dining and entertainment space and six floors of residential suites.
An artist's impression shows a towering structure with a curved glass facade and each floor overlapping the other. The property is set against a backdrop of lush greenery.
Although building plans have been drawn up and Savills has been appointed the sole agent, the turnkey project will only go ahead if an immediate buyer can be found. The mansion will be built to the buyer's specifications.
The property has already been valued at a staggering HK$2.84 billion (US$359 million)—which translates to HK$63,869 (US$8,207) per square foot. While that may be an eye-watering price, it still wouldn't be the most expensive sale per square foot in Hong Kong—or Asia. That title goes to a luxury apartment, also in Mid-Levels, which went for HK$138,000 per square foot earlier this year.
Sitting on the 23rd floor of the 21 Borrett Road project, the 3,378sqft flat comes with five bedrooms and various lavish amenities, including a swimming pool, a private terrace, as well as three parking spaces.
Hong Kong's property market is consistently ranked the most expensive in the world, ahead of cities such as London, New York, and San Francisco. Data company Statista says the average price for a residential property in the city in 2020 was US$1.2 million.