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Henderson Land

Buyer pays HK$60,000 psf for 39 Conduit Road apartment

PUBLISHED : Saturday, 25 September, 2010, 12:00am
UPDATED : Saturday, 25 September, 2010, 12:00am

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Henderson Land said it has sold a flat at its controversial 39 Conduit Road development in Mid-Levels West for HK$60,000 per square foot.

That would make it the most expensive apartment in Hong Kong in terms of price per sq ft.

The most expensive residence in the city is still a house at Severn 8 on The Peak, which was sold for HK$60,215 per sq ft in March.

Henderson announced the deal on its website, saying the flat sold for HK$338.16 million on September 18. Although the duplex unit's address is the 61st floor, it is on the 38th and 39th floors of the 46-storey project. Henderson has come under fire over the way it has numbered the floors.

The flat has a gross area of 5,636 square foot. Excluding common area, the saleable area is 4,318 sq ft. The developer did not disclose the identity of the buyer.

A spokeswoman for Henderson Land said they had offered only one concession to the buyer - the company will pay half of the stamp duty, about HK$718,000. The buyer has to complete the deal in 125 days.

'The price seems pretty reasonable, but is still on the high side,' said a property agent. 'The buyer has a lot of choices for this type of money.'

The asking price for a 4,000 sq ft house at Severn 8 is about HK$260 million.

In March, a 4,620 sq ft special flat at Branksome Crest with a private swimming pool in Mid-Levels sold for about HK$210 million or HK$45,455 per sq ft - significantly less than the price for the Conduit Rd development, which lacks a private swimming pool.

Henderson Land re-launched 39 Conduit Road in August after police raided the developer's offices after flat sales at the project were cancelled.

The developer sold 24 flats at its launch last year. One flat sold for HK$71,280 per sq ft - billed as a world record. However, the company said in June that 20 of the deals had been cancelled, sparking accusations of market manipulation.

Living it up

The unit is on the 38th and 39th floors and its gross area, in square feet, is: 5,636