HK luxury house sets record monthly rent of $275,000

Despite falling rents across the city, Hong Kong's most upscale market is defying the trend. The rental of $275,000 a month for the house at 73 Mount Kellett Road on The Peak translates into $3.3 million a year.
Despite falling rents across the city, Hong Kong's most upscale market is defying the trend. The rental of $275,000 a month for the house at 73 Mount Kellett Road on The Peak translates into $3.3 million a year.PHOTO: EPA-EFE

HONG KONG • Hong Kong's luxury real estate sector continues to hit new highs, defying a declining rental market in the city.

A house at 73 Mount Kellett Road on The Peak was leased for HK$1.6 million (S$275,000) a month, the Hong Kong Economic Times reported, citing unidentified sources.

That translates into about US$2.5 million (S$3.3 million) a year.

The amount surpassed the previous record set just two months ago, signalling robust demand among the richest tenants in the world's most expensive property market.

The five-bedroom house comes with a private lift and a 7,000 sq ft garden.

Despite falling rents across the city, Hong Kong's most upscale market is defying the trend.

The former rental record was held by The Wharf Holdings, which leased a luxury house at its 11 Plantation Road project for HK$1.35 million a month in March.

In February, CK Asset Holdings sold a high-end apartment for HK$459 million, the priciest for such a property in Asia. That same month, a Wharf-led consortium won a residential plot on The Peak for a record price by square feet in Hong Kong.

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A version of this article appeared in the print edition of The Straits Times on May 15, 2021, with the headline 'HK luxury house sets record monthly rent of $275,000'. Subscribe