A Hong Kong condo bought for HK$640 million ($82.2 million), making it Asia’s most costly per sq. foot in an extra signal of buoyancy within the metropolis’s upscale housing market.
Wharf Holdings Ltd. and Nan Fung Development Ltd. bought an condo at Mount Nicholson, probably the most iconic upscale initiatives within the metropolis, for HK$140,800 per sq. foot, in keeping with the businesses. The condo on the Peak, a luxurious residential space on Hong Kong Island, got here with three parking areas and is measured at 4,544 sq. toes (442 sq. meters).
That broke the file set by CK Asset Holdings Ltd.’s 21 Borrett Road mission virtually 9 months in the past. Hong Kong tycoon Victor Li’s agency bought the condo for HK$136,000 per sq. foot in February.
The most up-to-date buy underscores how the town’s luxurious residential market – already one of many world’s priciest – continues to grind greater. Total transactions within the 12 months by June 2021 got here in at HK$12.8 billion, greater than double the quantity a yr earlier, in keeping with Colliers International.
Prices for upscale houses will develop 3% within the second half of the yr, pushed by sturdy demand from each mainland Chinese and rich native residents, Colliers estimates.
The unidentified purchaser at Mount Nicholson additionally purchased an adjoining condo for HK$561 million, boosting the entire invoice to greater than HK$1.2 billion for the transaction, the builders mentioned.
Mount Nicholson is likely one of the most sought-after ultra-luxury developments amongst Hong Kong’s rich. Given the shortage of land on the Peak, it’s uncommon to have new initiatives accessible on the market within the unique neighborhood. Buyers embody the late tycoon Stanley Ho’s daughters Alice Ho and Sabrina Ho in addition to Edwin Leong, founding father of native developer Tai Hung Fai Enterprises.
A unit in Mount Nicholson had claimed the file for Asia’s most costly condo in 2017 earlier than 21 Borrett Road changed it earlier this yr.
