Mount Nicholson lives up to its top billing as 16 apartments were sold for a total of HK$9.6b in 2017
Data from Ricacorp Properties shows that 89 flats in the city were sold for HK$100 million or more last year
Sixteen units at the ultra exclusive Mount Nicholson development on The Peak, which has Asia’s three most expensive homes by floor area, were each sold for HK$100 million (US$12.8 million) or more, the highest in Hong Kong last year, according to data from Ricacorp Properties.
The 10 flats and six houses at No 8 Mount Nicholson Road were worth a total of HK$9.58 billion, said Derek Chan, head of research at Ricacorp, on Tuesday.
Last year there were 89 residential transactions worth more than HK$100 million each, or HK$21.83 billion in total, the data showed. Mount Nicholson’s 16 sales accounted for 18 per cent of the total amount, while 11 flats at the 39 Conduit Road luxury project in the Mid-Levels were each worth HK$100 million or more .
This should come as no surprise, as a report from Knight Frank last March showed that Hong Kong is the world’s third most popular city to buy a property and live for ultra high net worth individuals.
“New quality supply of ultra luxury residential [units] is very limited, especially in traditional prime locations such as The Peak and the Southern District,” said Thomas Lam, head of valuation and consultancy at Knight Frank.
“The price tag is not a problem, quality is. As ultra high net worth individuals are still looking for quality projects, I expect this trend to continue. Fixed assets are still one of their favourite investment items, especially when they know future supply of such quality projects in good locations is limited.”