A MANSION IN HONG KONG’S EXCLUSIVE PEAK NEIGHBOURHOOD POISED TO SET A PRICE RECORD

A new mansion in an exclusive Hong Kong neighbourhood known as The Peak is said to have an offer for HK$1.2 billion (US$153 million) from a mainland Chinese buyer. If the deal goes through, the sale will translate to HK$255,000 per square foot, a record for a residential property in Asia.

The mansion, located on Barker Road, the same street as Alibaba founder Jack Ma’s HK$1.5 billion mansion, has 4,700 square feet of living space across four levels and features sweeping views of Victoria Harbour and city skylines, according to Chinese-language daily Hong Kong Economic Times (HKET).

The mansion was built on the site of a Grade II-listed, Spanish-style villa, known as Villa Blanca. The villa was owned by Hong Kong businessman Haking Wong, most famous for his commercial optical products, for nearly two decades from 1978 to 1998.

CSI Properties acquired the villa in 2011 for HK$200 million, and paid another HK$103.2 million four years later to expand the site, according to the public filings.

The developer began marketing the mansion earlier this year. A buyer from mainland China has offered HK$1.2 billion and the deal is expected to close soon, HKET reported, citing market sources.

CSI Properties did not immediately respond to a request for comment, and Mansion Global could not independently confirm details about the potential buyer or sale.

The current unit price record for a residential property in Asia was set in 2021, when an apartment at a development called Mount Nicholson sold for HK$140,800 per square foot, or a total of HK$639.8 million.

Hong Kong, where prime properties on average cost more than HK$34,700 per square foot, was ranked as the world’s second most expensive market following Monaco, according to a recent report by Knight Frank.

Bloomberg was the first global media to report the sale.

This article originally appeared in Mansion Global.

Sharjah is set to receive one of its largest new residential communities, with Azizi Developments unveiling plans for a US$8.1 billion master-planned precinct containing more than 10,000 homes.

Named Azizi Florence, the freehold development will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments. Three-bedroom townhouses will start from US$515,000, with an indicative rate of US$231 per square foot of saleable space.

The project marks the Dubai-based developer’s first move into Sharjah, expanding a portfolio that includes the planned Burj Azizi skyscraper and the Azizi Venice community in Dubai.

A park at the heart of the community

Rather than treating landscaping as an afterthought, Azizi Florence will be organised around a 1.7 million sq ft central park.

The wider precinct is planned as a self-contained neighbourhood combining homes with retail, hospitality, education, leisure and wellness facilities.

Six residential clusters will sit within the development, each with its own park, clubhouse, community centre and landscaped gardens. The approach reflects a broader shift across large Middle Eastern developments, where greenery, recreation and everyday convenience are increasingly central to the residential proposition.

The scale of Azizi Florence suggests it is intended to function as a neighbourhood rather than a collection of housing estates. Its mix of housing types should also give the project broader appeal, accommodating apartment buyers alongside families seeking townhouses or standalone villas.

Azizi expands beyond Dubai

Azizi Developments has delivered more than 45,000 homes to buyers from over 100 countries and says it has approximately 150,000 units under construction.

Much of its growth has been concentrated in Dubai, where its portfolio extends across Palm Jumeirah, Mohammed Bin Rashid City, Dubai South, Sheikh Zayed Road and Downtown Jebel Ali.

Its most prominent current project is Burj Azizi, which is intended to become the world’s second-tallest building. Azizi Florence represents a different type of undertaking: a low-rise, family-oriented community built around public space and daily amenity.

For company founder and chairman Mirwais Azizi, the Sharjah project also carries a personal connection. The emirate was his first home in the UAE more than three decades ago, adding a symbolic dimension to the developer’s expansion.

Sharjah’s residential ambitions grow

Although Dubai and Abu Dhabi have traditionally captured much of the international attention directed at the UAE property market, Sharjah has been steadily broadening its residential offering.

Large freehold communities such as Azizi Florence have the potential to attract both local families and international purchasers looking for comparatively accessible entry points into the Emirates’ property market.

At a starting price of US$515,000, the project’s three-bedroom townhouses will sit well below the cost of equivalent family homes in many of Dubai’s more established luxury communities.

The ultimate appeal, however, will depend on execution. At this scale, the quality of the public realm, connections between residential clusters and delivery of the promised supporting infrastructure will be as important as the homes themselves.

If those elements come together, Azizi Florence could help establish a new benchmark for large-scale residential development in Sharjah—and give buyers another option beyond the UAE’s better-known property markets.

A MANSION IN HONG KONG’S EXCLUSIVE PEAK NEIGHBOURHOOD POISED TO SET A PRICE RECORD

More than 10,000 homes, an expansive central park and a mix of hospitality, retail and wellness facilities will form Azizi Developments’ first master-planned community in the emirate.

A park at the heart of the community

Azizi expands beyond Dubai

Sharjah’s residential ambitions grow