LAMMA Island, traditional home of local fishermen and laid-back expats, hit the real estate big time last week when its first $12 million house went on the market.
Contrary to the popular belief that you could buy the island for $12 million, veteran Lamma resident Nigel Stevens is confident he will get that amount for his 2,800-square-feet Mediterranean-style property.
Boasting six bedrooms, several balconies, two large kitchens, a guest house and garden picnic grounds among other attributes, the house was originally two units merged by Mr Stevens, 54, and his wife Sam.
''The price may be a bit high for Lamma . . . but there is really little like this on the island,'' said Mr Stevens, who has lived in Hong Kong for 47 years and is organising the sale himself.
''This could be a good investment. The way Lamma has grown, I expect we'll see high rises here some day.'' The asking price is a record for Lamma, according to property agents, with the previous best no more than $10 million. Flats usually sell at an average of $1.4 million per floor.
For your $12 million, buyers could choose between a top-end studio flat at Repulse Bay, a modest apartment on the Peak, or even a lavish 2,500-square-feet unit at Hong Kong's South Horizons development - which overlooks Lamma Island.
Mr and Mrs Stevens originally moved into one of the houses in Po Wah Yuen village in 1984. When, two years later, the next door unit went on the market, they also bought that and merged the two properties.