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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Although applying for an Estate Agents license is a relatively simple process, it will oblige you to pass a written examination first. Studying the material recommended for the examinations requires a tremendous deal of determination and perseverance. Once you have failed to study the concepts related to the real estate industry, you will find it harder to qualify as a competent Hong Kong property agent. The Estate Agents Authority (EAA) handles the licensing and ongoing training programs that are conducted for licensed real estate agents. They issue licenses in two categories, namely the S (Salesperson) and E (Estate agent) category. S-license holders are trained to work for the real estate agencies established by E-license holders. If you plan to start your own real estate agency, you have to pass the licensure examination and submit an application for the SPOB.

The reading materials you will need to study for the licensure examination are distributed in EAA offices. Find out when and where the exam will take place and study well in order to become a legitimate Hong Kong property agent. Once you have passed the examination, you can already start your career as a property agent. Seek employment by looking for renowned real estate agencies in your area. Before signing employment contracts, compare different agencies in order to make the most out of your new job.

Among the accommodation options available in Hong Kong, perhaps the most sough after one is apartments. An apartment in Hong Kong is a self contained residential unit, which is mostly a part of a large building or property. For many reasons, both expatriates and natives choose to live in Hong Kong apartments. Perhaps the most important reasons are convenience and lifestyle it renders.

Based on your requirements, you can choose from a continuum of superb apartments, from garden and furnished apartments to self contained and serviced apartments. There are also apartments that are specially designed for students, such as, student apartments.

Mostly, this type of apartment comes complete with superb facilities including excellent accommodation, high speed internet access, and uninterrupted power as well as water supply. Further, many of these apartments are located within the easy reach of top academic institutions in Hong Kong. All of this provides a great atmosphere in order to promote your academic success. For those seeking luxury, then one of the best choices would be stunning serviced apartments coupled with extensive recreational as well as sporting facilities.

Different types of apartments in Hong Kong are further categorized into duplex apartments, studio apartments, and townhouses. Duplex apartments are mostly situated on the bottom floor, and range from small building with two to five apartments to large property with more than 50 or 60 apartments. A studio apartment is an accommodation facility with a large living area, apart from a kitchen and bath area. In townhouses, a family will get more space as well as a comfortable feel. One of the specialties of townhouses is that mostly they are located in rows.

Likewise, depending upon the members of the family, apartments types include apartments with one bedroom – which come with built-in wardrobes, luxury bathrooms, and fully equipped kitchen; two-bedroom apartments, which in most cases garage unit will be included in the price; and three-bedroom apartment, which is much spacious and inclusive of high end comforts such as kitchen, lounge, laundry, and a marvelous terrace.

One of the prime advantages of living in Hong Kong apartments is that it enables you to live amid diverse community. Another advantage is that you will be always surrounded by a large number of neighbors and friends. If you acquire apartments on rental or lease basis, then some of the apartments charge rent, which is sometimes inclusive of electricity, local telephone service, cable TV hook up, and trash disposal. Another great benefit of owning an apartment in Hong Kong is that it serves as an excellent long term investment.

Owning or renting an apartment in Hong Kong is no longer a chaotic process. A plethora of real estate companies and construction companies are there in order to help finding your dream apartment. However, the prices of apartments in Hong Kong are exceptionally high.

The first thing that you need to do is to get information on where you can find foreclosures in your area. This is all public knowledge but the right real estate course will not only teach you how to find foreclosures, but also provide you with a list of real estate foreclosures that you can use if you want to make a purchase. Armed with this knowledge, you will be able to see these properties for yourself and inspect them before you make an offer. When inspecting foreclosed property, you may find that it is not in the best of shape. It stands to reason that if someone did not have the money to maintain the mortgage, they did not have the money to maintain the property. There is more than likely, some cosmetic defects wrong with the house. You should know the difference between structural problems that are wrong with the house and cosmetic problems. Cosmetic problems are easy to fix and the work can usually be done by anyone who has a basic knowledge of the trades. Structural problems can be very costly.

The physical geographic restrictions of Hong Kong mean that there is a finite supply of residential and commercial real estate available for sale and rent; and as Hong Kong further strengthens its already robust economic, trade and investment ties with China, the demand for real estate in the region is intensifying.

Competing for space are multinational companies and their massive expatriate employee base, local businesses and local residents, tourists and students. In fact the demand for residential and commercial space in Hong Kong is at its highest today since the glory days pre-1998. Having suffered an acute recession from 1998 until 2003 real estate prices are for sale at deflated costs and are therefore seen as being undervalued which means the real estate market is in a great position right now to grow and expand.

Because demand for real estate in Hong Kong is so intense…

Because Hong Kong’s economy is going from strength to strength…

Because domestic purchasing power is so strong…

And because the real estate market is believed to be currently undervalued – the wealth of opportunity for profit in Hong Kong’s property market right now is intense.

Real estate investors from around the world are buying into the projected period of growth and are committing substantial funds to the Hong Kong market. In terms of any restrictions placed on foreign investors there are none in Hong Kong…in theory anyone is permitted to purchase property. As with all city based real estate economies property in Hong Kong – though currently considered to be undervalued – cannot be regarded as ‘cheap’. However anyone who wishes to get into the market can get mortgages locally in Hong Kong to purchase and can almost guarantee the rental income they will generate if they choose to buy residential or commercial units to let.

The medium term prospects for the real estate market in Hong Kong are good with analysis showing that the number of renovation and new development projects started in recent years is below what is required for the current level of demand. This undersupply will last for at least the next four years according to expert industry analysis. This has resulted in predictions for property price growth of up to 12% annually for at least the next four years, making the real estate market in Hong Kong today a highly attractive prospect.