Hong Kong: An apartment in Hong Kong has sold for HK$640 million ($82.2 million), making it Asia’s most expensive per square foot. It is yet another sign of the city’s rapidly expanding upscale housing market.
According to the companies, Wharf Holdings Ltd. and Nan Fung Development Ltd. sold an apartment in Mount Nicholson, one of the city’s most iconic upscale projects, for HK$140,800 per square foot. The apartment on the Peak, a luxury residential area on Hong Kong Island, comes with three parking spaces and measures 4,544 square feet (442 square meters).
The project broke the record set by CK Asset Holdings Ltd.’s 21 Borrett Road project almost nine months earlier. An apartment in Hong Kong was sold for HK$136,000 per square foot by Hong Kong tycoon Victor Li’s firm in February.
This latest purchase proves how the city’s luxury residential market – already one of the world’s most expensive – continues to expand. HK$12.8 billion worth of transactions took place in the 12 months through June 2021, more than double what it was a year ago, according to Colliers International.
There will be robust demand from both mainland Chinese and wealthy locals in the second half of the year, causing upscale home prices to rise by 3 percent, Colliers estimates.
The unidentified buyer at Mount Nicholson also acquired an adjacent apartment for HK$561 million, bringing the total bill for the transaction to more than HK$1.2 billion, according to developers.
Mount Nicholson is one of Hong Kong’s most sought-after ultra-luxury developments. There are rarely new projects available for sale on the Peak due to the scarcity of land. There are also a number of buyers, including Alice Ho and Sabrina Ho, daughters of late tycoon Stanley Ho, and Edwin Leong, founder of local developer Tai Hung Fai Enterprises.