Hong Kong housing

Asia's most expensive apartment: HK$498m Hong Kong home snapped up by Danish businessman

Opus Hong Kong at 53 Stubbs Road, Hong Kong, boasts a 3,245 sq ft garden and a 36 sq ft balcony

PUBLISHED : Tuesday, 30 June, 2015, 2:49am
UPDATED : Thursday, 02 July, 2015, 3:59pm

The buyer of Asia's most expensive apartment, in Mid-Levels, early this month was Daniel Aaxman, a company director with a Danish passport, according to Land Registry records released yesterday.

The records showed Aaxman, through his company Lead Connection, paid HK$497.9 million, or HK$95,971 per square foot, for the duplex flat A on the ground and first floors of Opus Hong Kong at 53 Stubbs Road. The property also includes two car parking spaces.

The sale broke the previous record for price per square foot, set in April, when a company director with a Singaporean passport, Wang Shuang, paid HK$93,000 per square foot for a HK$433.8 million home on the 45th floor of 39 Conduit Road.

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Aaxman's purchase bucked a trend that has seen mainland Chinese buyers dominate the top end of the residential market in Hong Kong in the first half of this year.

In the first six months of 2015, 80 per cent of the top 10 luxury residential deals in Hong Kong have involved mainland buyers, according to property consultant Knight Frank

The Opus duplex has 5,188 sq ft of saleable area and a 3,245 sq ft garden, which is not included in the saleable area. It has a 36 sq ft balcony and 113 sq ft of verandah. The sale price represents a 4.25 per cent discount to the list price of HK$520 million on the development's website.

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Opus, a 12-storey, super-deluxe property completed in 2012, has been dubbed Hong Kong's most expensive apartment block. It is Canadian-American architect Frank Gehry's first residential building in Asia and features an unusual twisted shape. Each unit has floor-to-ceiling windows and commands 360-degree views of Victoria Harbour and Mount Cameron.

Property analysts and agents have recently sounded a positive note on the luxury sector's outlook, with some predicting that prices will rise by as much as 10 per cent this year.

With recent credit tightening having targeted mass residential units, the booming stock market had stimulated demand for luxury housing, Knight Frank said, adding that the downturn in mainland real estate had sent more buyers back to Hong Kong to seek safer investments.

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Clarification: An earlier version of this article failed to make clear that the interior pictured was not the apartment purchased by Daniel Aaxman, but was in fact another apartment in the Opus development. We apologise for this oversight.