Flat worth US$59.3 million at CK Asset’s Mid-Levels luxury project sets Asia price record
- The 3,378 sq ft flat’s price at HK$136,000 per square foot breaks record held by Mount Nicholson flats
- Investors are paying record prices for luxury properties because supply for such properties is low, but Hong Kong has a lot of capital, says Centaline’s Raymond Li
“Since the beginning of this year, the property market has seen brisk business, and the second-hand luxury housing market continues to heat up,” said Jayson Au, senior principal sales director at Ricacorp Properties.
Luxury housing transaction volumes fell heavily in the last three months of 2020, as border closures prevented both buyers and capital from moving freely, and prices declined across the board by up to 2.1 per cent in the quarter, according to Savills.
But the prospect of vaccines, coupled with a low interest rate environment and the reopening of borders, will benefit the segment, said Ricacorp’s Au.
Other factors that are expected to affect the luxury housing market favourably are the recent stock market boom, as well as homebuyers not being able to travel, according to Jacky Lung, district sales director at Centaline.
And with a vacancy tax on new homes being shelved by the government, the luxury market could be the first to rebound as the economy recovers, said James Cheung, executive director at Centaline Surveyors.
The five-bedroom flat at 21 Borrett Road is the 181-unit project’s biggest apartment. It comes with three parking spaces, a 2,131 sq ft rooftop as well as a swimming pool.