A plot of land in one of Hong Kong‘s most sought-after areas sold for a record 1.82 billion Hong Kong dollars ($233 million USD) at auction Tuesday.

The 4,956-square-metre plot fetched 17 per cent more than the reserve price.

The winning bid was made by Henderson Land Development Company vice-chairman Martin Lee.

The price was above market expectations and a record high for a Hong Kong auction of luxury residential land, according to auctioneers Jones Lang LaSalle.

“The super-luxury market isn’t affected by sentiment in the mass segment.” Jones Lang’s Tsang told reporters after the auction.

“At the least it shows that for true luxury locations people are willing to pay a premium price, particularly for areas where supply is limited,: he said.

The Peak is considered one of the most prestigious addresses in Hong Kong. It lies in the centre of Hong Kong island, commanding views of Victoria Harbour while being just a short car ride to the Central and financial districts.

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