Hong Kong’s well-known for being cheap as chips, especially when it comes to the property market.
It will therefore come as an enormous shock to all that Hong Kong has secured the most expensive pad in Asia, again.
A luxury duplex apartment in Mid-Levels has just been sold for over HKD100,000 per square foot, market sources told the SCMP.
The sale was later confirmed by the Hong Kong Economic Journal, who reported that the agent responsible for the sale scored a massive HKD20 million commission.
The four bedroom flat is on the 46th floor of Henderson Lane Development’s 39 Conduit Road, and is a mega 5,732 sq ft (which includes an 1,754 sq ft rooftop too, obviously).
The industry source believes that the flat has been sold for a total of HKD590 million – a bargain (lol), given that the asking price was HKD646.48 million.
The deal will put the duplex apartment above the home at Swire Pacific Opus Hong Kong, which sold for a cool HKD487 million in June, as the priciest pad in Asia.
Although you’d never know it, the sale comes as the residential market in Hong Kong experiences a slump following the US Federal Reserve’s decision to raise interest rates by 25 basis points last week.
In fear, home owners in the secondary market are apparently knocking more than HKD1 million off their price tags.
Ricacorp Properties surveyed the number of sale transactions for luxury homes at 35 housing estates, and found that 25 percent fewer deals were made in November than October.
Only 39 transactions were made in November, compared to the 52 made in October.
Reader Interactions