A Hong Kong apartment sold for HK$640 million ($82.2 million), making it Asia’s most expensive per square foot in a further sign of buoyancy in the city’s upscale housing market.
Wharf Holdings and Nan Fung Development sold an apartment at Mount Nicholson, one of the most iconic upscale projects in the city, for HK$140,800 per square foot, according to the companies.
The apartment on the Peak, a luxury residential area on Hong Kong Island, came with three parking spaces and is measured at 4,544 square feet (442 square meters). That broke the record set by CK Asset Holdings Ltd.’s 21 Borrett Road project almost nine months ago. Hong Kong tycoon Victor Li’s firm sold the apartment for HK$136,000 per square foot in February.
The most recent purchase underscores how the city’s luxury residential market — already one of the world’s priciest — continues to grind higher.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.