Hong Kong property

Buyer who will pay HK$912 million for Asia’s priciest apartments is unveiled

PUBLISHED : Tuesday, 22 November, 2016, 12:05am
UPDATED : Wednesday, 30 November, 2016, 3:09pm

Billionaire Edwin Leong Siu-hung is the buyer of the latest most expensive apartment in Asia, according to media reports.

Two adjoining luxury flats at the Mount Nicholson development on the Peak area of Hong Kong, was sold for an average HK$104,803 per square foot on November 8, breaking the record for the cost of a home in Asia on a per square footage basis.

The buyer paid a total of HK$912 million for the two flats which have a combined 8,702 square feet of space.

Leong, 64, is a veteran property investor and the chairman and founder of property developer Tai Hung Fai Enterprise. With a net worth of US$3.9 billion, he is ranked 17th among Hong Kong’s 50 richest people this year, according to Forbes.

While the deal happened just three days after the Hong Kong government raised the residential stamp duty to 15 per cent for non-first-time home buyers, Leong said he does not have any properties under his title, local newspaper Oriental Daily reported.