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Asia’s most expensive apartment sold; here's how much it costs

Asia’s most expensive apartment sold; here's how much it costs

Prices for upscale homes will grow 3 per cent in the second half of the year, driven by robust demand from both mainland Chinese and wealthy local residents.

The city’s luxury residential market - already one of the world’s priciest - continues to soar. The city’s luxury residential market - already one of the world’s priciest - continues to soar.

A Hong Kong apartment was sold for HK$640 million ($82.2 million), making it Asia’s most expensive per square foot in the city’s upscale housing market. The apartment on the Peak, a luxury residential area on Hong Kong Island, came with three parking spaces and is measured at 4,544 square feet (442 square meters).

The sale has broken the previous record set by CK Asset Holdings Ltd.’s 21 Borrett Road project almost nine months ago, according to a report in Bloomberg. Hong Kong tycoon Victor Li’s firm sold the apartment for HK$136,000 per square foot in February. A unit in Mount Nicholson had claimed the record for Asia’s most expensive apartment in 2017 before 21 Borrett Road replaced it earlier this year.

According to Colliers International, total transactions in the 12 months through June 2021 came in at HK$12.8 billion, more than double the amount a year earlier. 

The city’s luxury residential market - already one of the world’s priciest - continues to soar. Prices for upscale homes will grow 3 per cent in the second half of the year, driven by robust demand from both mainland Chinese and wealthy local residents, Colliers estimates.

The developers said that the unidentified buyer at Mount Nicholson also bought an adjacent apartment for HK$561 million, boosting the total bill to more than HK$1.2 billion for the transaction. 

Mount Nicholson is one of the most sought-after ultra-luxury developments among Hong Kong’s wealthy due to the scarcity of land on the Peak.

Buyers include the late tycoon Stanley Ho’s daughters Alice Ho and Sabrina Ho as well as Edwin Leong, founder of local developer Tai Hung Fai Enterprises.