'Twelve Peaks' in Hong Kong topped the list of the 10 most luxurious properties in Asia in 2015, according to the latest ranking issued by President Magazine, the World Real Estate Academy and World Entrepreneur Group.

The report was based on the LEI (Luxury Estate Index) of the World Real Estate Academy and other international standards for ranking luxury properties.

China has seven properties on the list, three in Hong Kong and four on the mainland.

According to the report, due to a decline in China's stock market and economic downturn, the luxury houses market saw a slight downturn in Beijing, Shanghai and Shenzhen. However, the average economic growth rate of Asia still reached 5.5 percent, much higher than the world's 2.6 percent.

It is expected that the middle-aged population with at least US$35,000 in annual salary will increase from 64 million to 226 million over the next 10 years, suggesting demand for high quality housing in the Asian-Pacific region will continue to grow.

Here's a look at 10 most luxurious houses in Asia:

   Arwaa Mansion

Singapore's most expensive property is Arwaa Mansion, located at 46B and 48 Nassim Road. The property was estimated to be worth around US$120 million in 2008. The owner is Brunei's Prince Jefri Bolkiah.