House on the The Peak, Hong Kong’s most desirable address, sets new rent record at US$206,000 a month

A 7,022 sq ft house on 73 Mount Kellett Road is leased for HK$228 per square foot, making it the most expensive on a per square foot basis this year

In March, Wharf (Holdings) leased a 10,804 sq ft flat at 11 Plantation Road for HK$1.35 million or HK$125 per square foot

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A general view of 73 Mount Kellett Road, The Peak, which set a record for rents in Hong Kong’s most exclusive neighborhood. Photo: Sam Tsang

Published: 8:30am, 14 May 2021Updated: 8:42am, 14 May 2021

Luxury rents in Hong Kong’s priciest neighbourhood, The Peak, are climbing at an unprecedented rate, setting records in the process.

A 7,022 sq ft detached house on 73 Mount Kellett Road was recently leased for about HK$1.6 million (US$206,000) a month, or HK$228 per square foot, making it the most expensive in per square foot terms in Hong Kong this year. It easily surpassed the previous high of HK$125 per square foot set only two months ago for House No 1 at 11 Plantation Road when Wharf (Holdings) leased the 10,804 sq ft flat for HK$1.35 million.

The house on Mount Kellett Road was leased at around its indicative rent of HK$1.6 million, according to local agents. However, the identity of the tenant cannot be undisclosed because the lease is confidential. The property is owned by Giant Expert Investments, which lists Yau Ka-cheung as a director.

“This house, if offered on the market, could fetch HK$1 billion,” said Eric Lee, senior regional sales director at Centaline Property Agency. It is extremely rare to find a property listing that can accommodate 20 to 30 cars and will be suitable for bosses of big companies who like to entertain guests, he said. “HK$1 million to HK$2 million is just a drop in the ocean for them.”

73 Mount Kellett Road on The Peak has sweeping views of Victoria Harbour. Photo: Sam Tsang

The five-bedroom detached house on Mount Kellett Road, which measures 7,022 sq ft and has a garden of around 7,000 sq ft, was previously rented for HK$1 million in December 2018. The current owner bought it for HK$454.8 million in 2010.

Giant Expert Investments and Yau could not be reached for comment.