Residential buildings stand in the Peak district of Hong Kong, China, on Saturday, Feb. 20, 2016. It took Wheelock Properties Ltd. just three hours to sell a luxury home in Hong Kong’s exclusive Peak neighborhood to an unidentified buyer for HK$830 million ($107 million) on Saturday. Photographer: Xaume Olleros/Bloomberg

Wheelock Properties Ltd.,a wholly-owned subsidiary of Wheelock and Company Limited ,sold a luxury home in Hong Kong’s exclusive Peak neighborhood to an unidentified buyer for a lower-than-expected price tag of HK$830 million ($107 million) on Saturday, according to the Bloomberg report.

While it took Wheelock just three hours to sell the home, the transaction works out to HK$87,784 per square foot, more than 25 percent lower than estimates by some analysts.

The five-bedroom, 9,455 square foot (878 square meter) house, which boasts a swimming pool, garden and elevator, has unobstructed views of Hong Kong and Victoria Harbour, Wheelock said in a statement Sunday. Its facade and interiors were designed by New York-based architect Robert Stern.

The sale shows that the downturn in the broader housing market is also causing a chill in the ultra-luxury segment. Prices in Hong Kong have declined 11 per cent since September and are expected to fall another 25 per cent this year.

READ MORE: Luxury flat sold for $76.7 million in Hong Kong

Source: BLOOMBERG

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