Call it “Utopia” or the “One Billion Yuan Luxury Home”.
A newly built garden home in Suzhou, China, has just hit the market with an asking price of 1 billion Chinese yuan, an equivalent of $154 million, setting a price record in China.
“It is so far the highest luxury listing we have in China,” Jim Hao, vice chairman of Beijing Sotheby’s International Realty, which handles the marketing of the property, told Mansion Global exclusively.
A search of news reports shows that it is the most expensive home in mainland China to ever hit the market. Other luxury homes that came remotely close were previously listed or sold for half the price (not counting a Hong Kong estate that was sold in recent weeks for about $270 million).
The Suzhou garden home, marketed as “Taohuayuan,” meaning “Utopia” but translating literally to “Peach Blossom Land,” sits on a private island on the south shore of Suzhou’s Dushu Lake, China’s biggest lake by surface area. It has a total of 32 bedrooms and 32 bathrooms, with all the bedrooms facing south, desired by many for optimal natural light.
The listing first appeared on June 6. Sotheby’s has started recently marketing the property as the “One Billion Yuan Luxury Home” in reference to the asking price.
Private gardens in Suzhou have been recognized as World Cultural Heritage sites. In recent years, the garden-style homes have been sought after by top collectors, according to developer Sunac China Holdings Limited.
It took Sunac China about three years to build this particular home. It commissioned Xiangshanbang Traditional Architectural and Building Skills to handcraft all the bricks and plants. The craftsmen have manifested their artistic conception of Taohuayuan with the essence of East Asian gardens at its core, and created a space worthy of the highest recognition in contemporary landscaping, internationally.
And apparently it’s worked. “There are quite a few overseas clients who have showed their interests in this unique property,” said listing agent Juan Zhao Feng.