Sham Shui Po, Hong Kong’s poorest district, is hardly immune from the city’s surging property prices, as a recent sale shows.
According to the Standard, a one-bedroom flat from Sun Hung Kai Properties’ latest residential development in the area sold for more than HK$10 million (US$1.2 million) or almost HK$30,000 (US$3,800) per sellable square foot.
The 349-square foot flat is on the 55th floor of the Cullinan West II project on Sham Mong Road, located near the Nam Cheong MTR station.
Citing the project’s registry of transactions, the newspaper reported the apartment was listed for HK$12.57 million though was sold for about HK$10.3 million if discounts were taken into consideration.
This made it likely the first deal in the neighborhood to exceed HK$10 million for one-bedroom home, the Standard reported.
According to a recent government study, Sham Shui Po in Kowloon, a traditionally working class area, remained the poorest district in Hong Kong, with 24.6 per cent of its residents falling below the poverty line.
Released last month, research showed that, based on income, 1,352,000 Hongkongers (582,000 households) live under the poverty line, resulting in a poverty rate of 19.9 percent.
The deal, however, is unlikely to surprise Hongkongers, who live in one of the world’s most expensive property markets.
The city boasts the priciest per-square-meter address in Asia following the recent sale of two luxury flats at the Mount Nicholson development on The Peak for a combined HK$1.16 billion (US$149 million).
The Cullinan West II project will include 1188 units, 400 which have been sold since a pre-sale started last month.
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