A new mansion in Hong Kong sold for HK$1.09 billion ($140 million), the most expensive home sale in the financial hub this year.

The house at 1 Gough Hill Road, spanning more than 1,063 square meters (11,442 square feet) with five bedrooms and a private lift, sold on Tuesday, according to a transaction filing.

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The luxury home in Hong Kong’s prime Peak area tops a HK$1 billion villa sale in the city’s Kowloon Tong neighborhood earlier this year. Last week, a mansion at 15 Gough Hill Road, previously owned by Chinese tycoon Chen Hongtian, sold for HK$790 million, more than 60 percent lower than the mogul’s purchase price in 2016.

Hong Kong’s luxury property market has seen increased activity in recent months, according to Midland Realty’s report last month. The anticipated cuts in US interest rates, the city’s financial-market recovery and surging initial public offerings are supporting price gains and sales, according to the report.

The city is also seeing a rise in rents for high-end properties. Hong Kong led global growth in luxury rents in the second quarter, with an 8.6 percent gain from a year earlier, according to a Knight Frank index.