Asia’s most expensive apartment sells in Hong Kong for record HK$434 million

Henderson Land Development sold a unit for a record high price for Asia to an unidentified buyer, underscoring the lofty price of property in Hong Kong, one of the most expensive in the region.

Henderson sold a unit at 39 Conduit Road in the Mid-Levels section of Hong Kong for HK$93,000 per square foot, which is a record for Asia.

An unidentified buyer paid HK$433.8 million for a 4,664 square-foot unit on the 45th floor of the building, according to the sales posted in the first-hand residential properties electronic platform.

Despite the sale, home sales will continue to drop in Hong Kong as the banking regulator's tightening of mortgage lending has locked budget buyers out of the market, property analysts say.

The Land Registry last month saw 6,211 transactions, including apartments, shops, offices and industrial units, a 22.9 per cent drop from February. "It's the lowest in 11 years," said Buggle Lau Ka-fai, chief analyst at Midland Realty.

The poor showing in March reflects a slowing market in February as there is usually a four-week lag between closing a transaction and its registration. Lau said he expected sales volume to decrease further this month under the impact of the tougher mortgage rules. The loan-value ratio for residential properties under HK$7 million has been capped since late February at 60 per cent, from 60 to 70 per cent earlier, increasing deposits.