No, that price is not a typo; a four-bedroom house in the exclusive Peak neighborhood in Hong Kong, hit the real estate market for a whopping HK$3.5 billion ($446 million). If the estate sells at asking price it will make it the most expensive home sold in the city, maybe even most expensive in the world.

The home at 24 Middle Gap Road rests on 16,330 square-feet of land and features a swimming pool, parking for two cars, and some décor dated back to the 1990s. What might be the best offer is the chance to own an exclusive address and the rare opportunity to purchase land in one of Hong Kong’s most sought-after enclaves, according to Bloomberg.

“It’s more about the land it’s on than the house itself,” said Lawrence Brown, a senior consultant at Executive Homes Hong Kong Ltd. “The house is quite old. If they are going to pay that much, they would probably knock it down or put another nicer house [there]”

Investors constantly seek out residential sites with a prominent address. A 12-unit apartment complex located in the Deep Water Bay area sold for HK$5.9 billion in July. The area is immensely sought out and even billionaire Li Ka-shing is a resident within the complex.

Hong Kong set its previous record sale in 2016 when a house at 15 Gough Hill Road on the Peak sold for HK$2.1 billion, according to Colliers International Inc.

According to Landscope Christie’s International Real Estate, which is listing the property, the Middle Gap Road house is currently being leased to a tenant. The home is owned by the management of Chuang’s Consortium International Ltd, who originally purchased it in 2004 for a price of HK$142 million, based on documents shown by the Land Registry.

Executive Homes’ Brown mentioned: “There’s a feeling that the luxury sector won’t be affected even if there’s a downturn.”

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