Property News · December 28, 2015

Hong Kong apartment claims ‘most expensive’ title in Asia


It sold for USD76 million
The 39 Conduit Road development by Henderson Land Properties
The ultra-affluent Mid Levels neighbourhood in Hong Kong is thought to be the location of the newest most expensive apartment in Asia after a luxury duplex there sold for HKD590 million (USD76 million) last week, reports the South China Morning Post.
At over HKD100,000 (USD12,900) per sqft, this overtakes the previous record holder in the Frank Gehry-designed Opus Hong Kong development, which sold for HKD95,971 (USD12,400) per sqft earlier this year – that unit comprises the entire eighth floor of the 12-storey luxury development and was bought for a sum of HKD470 million (USD61 million) in June.
More: Apparently this is the world’s most expensive residential market (again)
Developed by Henderson Land Properties, according to the Times of India, the newly record-breaking 5,732 sqft duplex is equipped with four bedrooms on the 46th floor of 39 Conduit Road. With a beautiful view of the iconic Victoria Harbour, the apartment also enjoys a 1,754 square foot roof top.
The sale is especially significant as it comes directly in the wake of the very recent US interest rate rise which is expected to have a negative effect on many of Asia’s housing markets.
Hong Kong, in particular, is predicted to suffer from the rise as the Hong Kong dollar has been pegged to the US dollar for decades.
More: What the US interest rate hike means for Asia’s biggest property markets
According to Channel News Asia, the de facto central bank in the Chinese territory raised its base interest rate by 25 points in response to the first US rate rise in almost 10 years.
Experts are clear though that this headline-making expensive sale is nothing more than an anomaly in the market and certainly not indicative of the Hong Kong market as a whole.
“(For) the super-rich, I don’t think the small increase in the interest rates have any impact on their purchasing power,” explained Buggle Lau, chief analyst at Midland Realty. “This (sale) is exceptional – it can’t reflect the whole market.”

Source : property-report.com
Read more…Hong Kong apartment claims ‘most expensive’ title in Asia

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