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A luxury apartment in Hong Kong that sold for a record HK$594.7 million (Dh281.8m)...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-396","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6o","jetpack-related-posts":[{"id":30505,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/unit-at-39-conduit-road-luxury-project-in-hong-kong-offered-for-22pc-less\/","url_meta":{"origin":396,"position":0},"title":"Unit at 39 Conduit Road luxury project in Hong Kong offered for 22pc less","date":"October 18, 2016","format":false,"excerpt":"\r A distressed unit at Hong Kong\u2019s 39 Conduit Road luxury development on the Mid-Levels will be offered for auction at HK$30 million, or 22.22 per cent, less than the price it was sold for in 2014. The 2,355 square foot unit on the 39th floor will be auctioned with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33516,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/adjoining-luxury-flats-in-hong-kong-sell-for-a-record-hk104803-per-sq-ft-the-highest-in-asia\/","url_meta":{"origin":396,"position":1},"title":"Adjoining luxury flats in Hong Kong sell for a record HK$104,803 per sq ft, the highest in Asia","date":"November 8, 2016","format":false,"excerpt":"\r Three days after the Hong Kong government raised the residential stamp duty to 15 per cent to rein in runaway home prices, adjoining luxury flats on The Peak sold for HK$104,803 per square foot, the most expensive for an apartment in Asia in terms of per square foot cost.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":172700,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-land-sale-stuns-market-as-hk4-3b-bid-hits-5-year-kowloon-high\/","url_meta":{"origin":396,"position":2},"title":"Hong Kong land sale stuns market as HK$4.3b bid hits 5-year Kowloon high","date":"October 6, 2026","format":false,"excerpt":"\r Kerry Properties has won a land plot in Ho Man Tin for HK$4.31 billion (US$549 million), the highest price paid for a residential site in Kowloon in nearly five years, as developers show confidence in demand for luxury homes. 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The low-density luxury apartment with a saleable area of 2,832 sq ft, located at 10A-10B Stanley\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92088,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/twin-repulse-bay-town-houses-fetch-us127-46-million-snatching-price-record-for-south-hong-kong-island\/","url_meta":{"origin":396,"position":4},"title":"Twin Repulse Bay town houses fetch US$127.46 million, snatching price record for south Hong Kong Island","date":"June 22, 2018","format":false,"excerpt":"\r The luxury development \u201c90 Repulse Bay Road\u201d, overlooking one of the city\u2019s most scenic beaches, set a record for prices on Hong Kong Island South on Friday, with two adjoining luxury town houses going for just over HK$1 billion (US$127.46 million) to separate buyers from the same family. A\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":72297,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-us71-7-million-mount-nicholson-flat-grabs-title-as-asias-priciest-address\/","url_meta":{"origin":396,"position":5},"title":"Hong Kong\u2019s US$71.7 million Mount Nicholson flat grabs title as Asia\u2019s priciest address","date":"November 20, 2017","format":false,"excerpt":"\r A luxury home on The Peak in Hong Kong has just been sold for HK$560 million (US$71.7 million), setting another price record in the most expensive residential market on earth. 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\nA luxury apartment in Hong Kong that sold for a record HK$594.7 million (Dh281.8m) days before Christmas, has become the most expensive flat in the city and possibly in Asia.An unidentified buyer paid more than HK$103,700 per-square foot for the 5,732 square-foot unit at the luxury 39 Conduit Road apartment tower in the southern Chinese city\u2019s upmarket Mid-Levels residential area, according to local media reports.
\nThe condominium, on the 46th floor with a view of the Victoria Harbour and a rooftop with an area of 1,754 square feet, had a list price of HK$646.48m on the developer Henderson Land Properties\u2019 website.The price beats the previous record HK$470m paid for a luxury unit which takes up the entire eighth floor of the Opus Hong Kong, a 12-storey residential building designed by the Pritzker Prize-winning architect Frank Gehry, in 2012.
\nThis comes as analysts said a US interest rate rise could put an end to the housing boom in the Chinese city which retains a decades-old peg with the US dollar.The Hong Kong-based brokerage CLSA warned the residential market was at a \u201cturning point\u201d, with prices possibly dropping 17 per cent by 2017, while other firms have tipped falls of up to 30 per cent.Hong Kong\u2019s de facto central bank last month raised its base interest rate by 25 points to 0.7 per cent after the US Federal Reserve announced its first rate increase in more than nine years.
\nBut the chief analyst for Midland Realty, Buggle Lau, says the record-breaking purchase does not reflect the bigger picture of the overall property market in the city.\u201cThe super-rich, I don\u2019t think the small increase in the interest rates has any impact on their purchasing power,\u201d Mr Lau says. \u201cThis is exceptional, it can\u2019t reflect the whole market,\u201d which he described overall as \u201csluggish\u201d.q&a concierge on 24-hour call
\nThe National staff expands on what Hong Kong\u2019s 39 Conduit Road and the city\u2019s property market has to offer:What\u2019s so special about 39, Conduit Road?As well as views of the city, the luxury building is famed for its \u201cfirst-rate concierge services\u201d with every whim and desire catered for. This includes a 24-hour concierge and household care service, private jet and luxury yacht chartering, private chef and party arrangement as well as a business assistant on tap and housekeeping.
\nWhen was it built?Construction on the 46-storey single tower started in 2006 and was completed in March 2009. The developer, Henderson Land Development, first secured international attention for the project in 2009 when it announced it had sold a five-bedroom flat for a HK$9,169 per square foot. Then in April last year, a company director with a Singaporean passport paid HK$433.8m or HK$93,000 per sq ft for a 4,664 sq ft duplex.
\nTell me more about property prices in Hong Kong. Famous for its sky-high rent and super-rich tycoons, prices have more than doubled in six years because of record low interest rates and a flood of wealthy buyers from mainland China. So how is the luxury end faring now?According to Ricacorp Properties, the number of transactions for luxury homes at 35 housing estates dropped 25 per cent to 39 deals last month \u2013 down from 52 in October.
\nbusiness@thenational.aeFollow The National\u2019s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Hong Kong luxury flat sells for record HK4.7 million<\/a><\/p>\n