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Hong Kong apartment establishes new record price: 57 million USD

Friday, October 16th 2009 - 09:13 UTC
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The 557 square metres flat is on the 68th floor and overlooks the harbour The 557 square metres flat is on the 68th floor and overlooks the harbour

A wealthy Chinese buyer has snapped up a luxury Hong Kong apartment for 57 million US dollars, thought to be a record price. The five-bedroom home is believed to be Asia's most expensive property - with each sq foot costing 9,200 USD.

The unidentified new owner bought the property in 39 Conduit Road, one of Hong Kong's most exclusive addresses.

The deal came as the territory's chief executive, Donald Tsang, said he was concerned about a possible property bubble emerging.

The apartment, about 6,000 sq feet (557 sq metres), was sold by Henderson Land Development. It is on the 68th floor of the building and has views over the harbour. The owner has access to facilities including an aroma spa centre, a fitness room and an outdoor yoga gym.

Thomas Lam, from the company, said the building, offered “a chance to allow the elites in town to enjoy such prestigious property”.

Another unit in the same building was sold for 51 million USD.

In his annual policy address, Mr Tsang said the government was considering making more land available for development.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble,” he said.

Property prices in Hong Kong have benefited from mainland China's booming market. However it has one of the world's most expensive property markets - with many locals finding it difficult to buy.

Xavier Wong, head of China research at international property agency Knight Frank, told Bloomberg news: “Most luxury apartments are just like antiques and paintings.

”There's an asset bubble forming; at such a phase in the property market, anything can happen.

According to Forbes the world’s most expensive homes list includes: Fleur de Lys, Beverly Hills, US, 125 million USD; Dunnellen, Connecticut, US, 125 million USD; Updown Court, Surrey, UK, 110 million USD; Tranquiliy, Nevada, US, 100 million USD; Eurasia, Moscow, Russia, 100 million USD.

Categories: Real Estate, International.

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