Adjoining luxury flats in Hong Kong sell for a record HK$104,803 per sq ft, the highest in Asia

Three days after the Hong Kong government raised the residential stamp duty to 15 per cent to rein in runaway home prices, adjoining luxury flats on The Peak sold for HK$104,803 per square foot, the most expensive for an apartment in Asia in terms of per square foot cost.

The deal comprises two adjoining units, Flats 16A and 16B with a combined saleable area of 8,702 square feet, at luxury development Mount Nicholson, which sold for HK$912 million on November 8, according to a Hong Kong government website on Tuesday. The property comes with three car parking spaces.

The price tag breaks the previous record of HK$103,762 per sq ft set by 39 Conduit Road in Mid-Levels in 2015.

“Rich families are most concerned about the prestigious location and quality of the project, not the stamp duty,” said Thomas Lam, head of valuation and consultancy at Knight Frank.

“Investors buying small to medium sized units will be hit hardest by the latest property tax, but not the richest [investors],” said Lam.

The transaction come three days after the stamp duty was raised to 15 per cent in a bid to curb investment demand. Non property owners are exempted.

On Tuesday, Wheelock announced it had sold via tender four out of 10 units at its joint venture Mount Nicholson development for a total of HK$1.5 billion. The tender closed on Monday.