HONG KONG-A wealthy local has purchased a prestigious propertyon Barker Road, currently occupied by a five-story apartmentbuilding, for $231 million. Martin Lee, the son of the owner of thelocally-based Henderson Land Development Co., purchased theproperty at auction from a private buyer. He is a vice president inthe company.

Officials with Jones Lang LaSalle said the multifamily site onwhat’s known as the Peak is one of the last available on popularBaker Road, where prominent citizens have established homes. Whathelped set the price high, the officials said, was the hard controlnow taken by the government over new development to try to avoid areal estate bubble. “We expect that the luxury residential marketwill remain positive,” said Joseph Tsang, JLL’s internationaldirector and head of capital markets for Hong Kong, in astatement.

He said that the leases at the apartment complex will be up thisyear. It is the last available spot for new development on thestreet, Tsang said in a statement.