Hong Kong property

Asia’s most expensive flat? Hong Kong luxury pad may set a new record is sale confirmed

New sale would eclipse record sale of Opus, as residential market slumps

PUBLISHED : Wednesday, 23 December, 2015, 8:01pm
UPDATED : Thursday, 24 December, 2015, 10:42am

A luxury duplex apartment in Hong Kong’s affluent Mid-Levels area is believed to have been sold for more than HK$100,000 per square foot, a deal that could make the place the most expensive flat in Asia, according to market sources.

The 5,732 sq ft duplex flat at Unit A on the 46th floor at Henderson Land Development’s 39 Conduit Road, comprised of four bedrooms, has been sold for HK$590 million or HK$102,900 per square foot, says an industry source. The duplex comes with a 1,754 sq ft roof top.

If the deal is completed, it will overtake Opus Hong Kong as the costliest flat in Asia.

The listed price for the duplex was HK$646.48 million.

That breaks the previous record for price per square foot set in June when a buyer paid HK$95,971 per square foot for a HK$487 million home on the ground and first floors of Swire Pacific Opus Hong Kong at 53 Stubbs Road. The sale includes two car parking spaces.

The sale comes in the wake of housing market sentiment that plunged to a new low after the US Federal Reserve raised interest rates by 25 basis points last week.

Panicky home owners in the secondary market have cut prices by more than HK$1 million, while developers received tepid responses in their project launches.

On Tuesday, Sino Land sold 27 units or 28 per cent of the first batch of 96 units at the Mediterranean in Sai Kung.

The number of transactions for luxury homes at 35 housing estates monitored by Ricacorp Properties dropped 25 per cent to 39 deals in November, from 52 in October.

“It has fallen to below 100 deals for four consecutive months and it is also a drop to an 11-year low,” said Eric Cheung, a director at Ricacorp.

Meanwhile, the Lands Department awarded a commercial site in Yuen Long to Sino Land for HK$1.69 billion, or at a cost of HK$3,396 per square foot.

Another residential site in So Kwun Wat, Tuen Mun sold to Conventional Wisdom for HK$1.05 billion, or HK$4,008 per square foot.