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Hong Kong apartment breaks record as most expensive transaction psf in Asia

HONG KONG (Nov 12): An apartment in Hong Kong Island was recently sold for HK$640 million (RM342 million), effectively making it the most expensive sale psf in Asia, reported Bloomberg on Nov 11.

The apartment at the ultra-luxury residential area on Mount Nicholson at The Peak was sold by Wharf Holdings Ltd. and Nan Fung Development Ltd for HK$140,800 (RM75,315) psf. The 4,544 sq ft unit comes with three parking spaces.

The unidentified buyer also bought an adjacent apartment for HK$561 million (RM300 million), the developers said.

According to Colliers International, total transactions in the 12 months through June 2021 came in at HK$12.8 billion (RM6.85 billion), more than double compared to that of the preceding year – a sign of buoyancy in the city's luxury residential market, which is one of the world's most expensive.

Colliers estimates that prices for luxury homes will grow 3% in the second half of the year, driven by robust demand from both mainland Chinese and wealthy local residents.

The sale broke the record set by CK Asset Holdings Ltd’s 21 Borrett Road project earlier this year in which Hong Kong tycoon Victor Li's firm sold the apartment for HK$136,000 (RM72,748) psf.

Land scarce and one of the most sought-after ultra-luxury developments among Hong Kong's wealthy, Mount Nicholson's buyers include the late tycoon Stanley Ho's daughters Alice Ho and Sabrina Ho and founder of Hong Kong developer Tai Hung Fai Enterprises. 

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