A luxury townhouse with sweeping views of the downtown Hong Kong skyline has sold for 280 million Hong Kong dollars (US$36 million), the latest sign that the city's market for high-end property continues to sizzle amid abundant liquidity and limited supply.

The three-story, 432-square-meter house in the prestigious Peak area of Hong Kong is part of the Severn 8 development on Severn Road, named one of the 10 most expensive streets in the world by Wealth Bulletin last year. Also on that list were New York's Fifth Avenue and London's Kensington Palace Gardens; Avenue Princesse Grace in Monaco was named the world's most expensive street.