Mystery buyer yet to close deal on $168m luxury penthouse

PUBLISHED : Sunday, 17 April, 2005, 12:00am
UPDATED : Sunday, 17 April, 2005, 12:00am

Despite earlier claims, the sale of a record $168 million luxury penthouse last week by developer Sun Hung Kai Properties has not yet been completed, according to the real estate agency handling the deal.

Centaline Property Agency said the sales contract for the penthouse at the Arch - the most expensive property ever sold in Hong Kong on a per-square-foot-basis - had not yet been signed.

A deposit has been paid by a British-based Chinese merchant, but the agency would not disclose the amount.

It also remained unknown when the legal contracts were to be signed by the mystery buyer, or when the financial transaction would be completed, a spokeswoman for Centaline said.

The comments were made in response to questions posed by the Sunday Morning Post as to the identity of the buyer, who is expected to fork out $168 million for the 5,353 sq ft penthouse - or $31,300 per square foot.

'The reason we can't tell you is because the actual sales contract has not been signed,' the spokeswoman said.

'But we know that the deal is as good as done because Sun Hung Kai has already given out an award to the salesperson who sold the penthouse.'

A plaque has been presented to Centaline senior account manager Michelle Chung, by Sun Hung Kai Real Estate Agency executive director Victor Lui Ting, to commemorate the record sale, Centaline added.

The company has yet to decide whether a cash prize will accompany the Sun Hung Kai award.

Last week's record sale rode on a recent boom in the luxury property market, which has been in the doldrums for the past six years.

Rising interest rates and concerns over the health of the mass housing market have failed to put a damper on luxury property sales, as many developers have launched aggressive promotions this year, real estate agents said.



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