(Bloomberg) -- Hong Kong's luxury real estate sector continues to hit new highs, defying a declining rental market in the city.
A house on 73 Mount Kellett Road on the Peak was leased for HK$1.6 million ($206,000) a month, Hong Kong Economic Times reported, citing unidentified sources. That translates into about $2.5 million a year for the tenant.
The amount surpassed the previous record that was just set two months ago, signaling robust demand among the richest tenants in the world's most expensive property market.
The five-bedroom house comes with a private elevator and a garden of 7,000 square feet (650 square meters).
Despite the falling rents across the city, Hong Kong's most upscale market is defying the trend. The former rental record was held by Wharf Holdings Ltd., which leased a luxury house in its 11 Plantation Road project for HK$1.35 million a month in March.
In February, CK Asset Holdings Ltd. 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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