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Hong Kong property

Mount Nicholson now boasts Asia’s three most expensive homes after US$64 million sale

The sale of a four-bedroom flat for HK$116,945 (US$14,976) per square foot at the luxury development makes it the third priciest in the region

PUBLISHED : Friday, 24 November, 2017, 8:55pm
UPDATED : Friday, 24 November, 2017, 10:16pm

Hong Kong’s super-deluxe Mount Nicholson development has cemented its new position as Asia’s priciest address with the sale of the region’s third most expensive apartment.

The sale of a four-bedroom flat for HK$116,945 (US$14,976) per square foot on Friday means the prestigious project on The Peak now boasts the first, second and third most expensive units in the region.

Having smashed all previous records earlier in the week, an unnamed buyer paid HK$500 million (US$64 million) for the 4,266-square foot flat on the 10th floor, according to Wheelock Properties which oversees sales of the joint project between Wheelock & Co and Nan Fung Development.

Hong Kong’s US$149 million Mount Nicholson flats grab the crown as Asia’s priciest address

“Mount Nicholson has become a new status symbol for the rich, as it now boasts the No 1, 2 and 3 most expensive apartments in Asia,” said Vincent Cheung, deputy managing director for Asia valuation and advisory services at Colliers International.

The deal comes just four days after an unidentified buyer snapped up two adjoining flats at Mount Nicholson for HK$1.16 billion.

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That buyer paid HK$560 million for a 4,242 sq ft four-bedroom unit, about HK$132,000 per square foot, on the 12th floor. On a square-footage basis, that makes it the most expensive residence in Asia.

The same buyer also paid HK$600 million, or HK$131,000 per square foot, for a 4,579 sq ft unit on the same floor, putting it in second place.

Henderson Land Development’s 39 Conduit Road project was knocked off its perch as the city’s priciest address by the sales at Mount Nicholson and now finds itself relegated to fourth place after Friday’s transaction. An investor paid HK$105,000 per square foot for a HK$522 million duplex penthouse at the development in Hong Kong’s Mid-Levels in September.

The three units were among six at Mount Nicholson being offered for tender, which closed on Tuesday.

“The other three units have been withdrawn from sale,” said a spokesman, without elaborating.

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