Studio flat in Hong Kong’s North Point on sale for record HK$10 million as SHKP shrugs off Carrie Lam’s new cooling measures

A tiny studio flat in Hong Kong’s North Point district has gone on sale for more than HK$10 million (US$1.27 million), thought to be a record for the area, as developer Sun Hung Kai Properties appeared to shrug off new cooling measures introduced by Chief Executive Carrie Lam Cheng Yuet-ngor.

The 286 square foot flat, on the site of a former public housing estate, was put on the market by SHKP as it released the price list of its Victoria Harbour luxury project. The asking price for the 3rd floor unit of Tower 5A is HK$10.25 million, or HK$35,840 per square foot – and that is after factoring in a discount of as much as 19 per cent.

“I think it will be a record for a studio flat in North Point,” said Sammy Po, chief executive at Midland Realty’s residential department.

The developer said one of the reasons for the high price of the studio flat is because of its relatively larger size.

A 181 sq ft studio flat at Novum Point, also in North Point, last month changed hands for HK5.87 million.

SHKP won the waterfront site, formerly occupied by North Point Estates, in 2012 for HK$6.91 billion, or HK$9,347 per sq ft.