Hong Kong Megamansion Hits the Market for HK$2.2 Billion, the City’s Priciest Listing

A Hong Kong megamansion with views of Repulse Bay has hit the market for a whopping HK$2.2 billion (about US$281.1 million), making it the city’s priciest listing.

The residence is also among the most expensive homes on the market in the world, pricier than the $250 million penthouse at Central Park Tower in New York City, currently the U.S.’s most expensive publicly listed property. In addition, earlier this year, a new mansion in an exclusive Hong Kong neighbourhood known as The Peak reportedly sold for HK$1.2 billion from a mainland Chinese buyer, Mansion Global reported.

The more than 18,000-square-foot residence was completed in 2019, but protests in the city and the Covid-19 pandemic kept the developer from listing the home. Now that they are ready to sell, however, property prices are cooling, according to Victoria Allan, managing director at Habitat Property, which listed the property last week.

“2022 was a rough year in Hong Kong,” Allan said, noting the city shutdowns. “Now that the city is open again, Hong Kong Chinese and mainland Chinese are actively buying for self use. As prices soften, we expect activity to increase as buyers [secure] property for self use at reduced prices.”

For the seller, that may mean being negotiable to a lower price, she noted. Still, the sheer size of the house, its proximity to the water and its location in the tony Repulse Bay neighborhood is likely to attract buyers who are finally able to return to Hong Kong, Allan said. In addition, high-end real estate is very limited in supply because of the island city’s limited building space, she added.

The residence features oversized black casement windows and marble floors and bathrooms, listing photos show. An imperial staircase leads to the main level that has an open layout, and there’s also an elevator.

With 11 bedrooms and eight bathrooms, the house is “ideal for families,” the listing said. There are several outdoor areas, including a roof deck with water views and a lap pool surrounded by a lounging area.

The underlying property was previously occupied by an apartment building, and was purchased by local property firm First Group Holdings in 2014 for HK$350 million, The Business Times reported, citing government data. Representatives from the developer were not available for comment.

Despite falling home prices, Hong Kong’s strict lending requirements have protected the market from the effects of rising interest rates and property owners from being over leveraged, Allan said. “This has helped keep the market more stable, and rising rates have not had as much of an impact on values as other global markets.”

One of Sydney’s newest premium workplace destinations has unveiled a major art activation designed to transform the traditional office experience.

Contemporary art curator ART+ has partnered with Forum Double Bay to deliver a curated art program throughout the recently opened workspace, anchored by a large-scale mural from Australian artist Vicki Lee in the building’s central atrium.

The collection also includes works by internationally recognised artists Sebastian Magnani, Alan Walsh, Terry O’Neill, Tyler Shields and Alexander Calder, creating what the partners describe as an art-infused environment that integrates culture into the everyday workplace experience.

Rather than treating art as a decorative addition, the program has been designed to form part of the building’s identity, creating moments of inspiration and engagement throughout the day for members and visitors alike.

ART+ founder Jay Lyon said the collaboration reflected a shared vision between the curator and developer to create workspaces that offer more than desks and meeting rooms.

“This is a unique moment to shape the way people experience workspace: not just as a place to work, but as a place to be inspired. Fortis and Art+ share that vision,” he said.

The activation comes as workplace design continues to evolve, with premium operators increasingly incorporating hospitality, wellness and cultural experiences into office environments as businesses seek to attract employees back into physical workspaces.

At Forum Double Bay, the result is a workplace that combines flexible office accommodation with a carefully curated aesthetic experience, positioning the development as a destination rather than simply a place to work.

Artist Vicki Lee said public art had the power to create an emotional connection with a space.

“What I want is for people to walk in and feel something; a connection, a surprise, a moment of beauty. That’s the power of public art,” she said.

Forum Double Bay recently opened at 377 New South Head Road and has been delivered under the development management expertise of Fortis. The project follows the success of Forum in Melbourne’s Cremorne and is operated by The Commons.

According to the release, all works within the building have been leased as part of the curated program, highlighting Fortis’ commitment to creating boutique workplace environments that blend design, hospitality and culture.

The collaboration also reflects the growing role art is playing within commercial real estate, where developers are increasingly using curated collections and commissioned works to create distinctive environments that foster creativity, community and a stronger sense of place.

For ART+, which specialises in sourcing and commissioning contemporary artworks for luxury residential, commercial and hospitality projects, the Forum partnership represents another example of art being integrated into the fabric of a development from the outset rather than being added after completion.

Hong Kong Megamansion Hits the Market for HK$2.2 Billion, the City’s Priciest Listing

A new collaboration between ART+ and Forum Double Bay is bringing museum-quality artworks and a large-scale mural into the workplace.