HONG KONG: A luxury home on The Peak in Hong Kong has been sold for an eye-watering HK$560 million (US$71.7 million), setting another price record in the city.
An unidentified buyer picked up the 4,242 sq ft apartment at the Mount Nicholson development for around HK$132,000 per sq ft, on Monday (Nov 20).
There are 19 detached houses and 48 flats in the high-end project marketed by Wheelock Properties.
According to the report, the transaction broke the previous record for Hong Kong’s most expensive residence, where a buyer paid HK$105,000 per sq ft for a HK$522 million duplex penthouse at a development called 39 Conduit Road which is at the Mid-Levels.
Land-scarce Hong Kong is no stranger to eyebrow-raising property deals. In May, Global Property Guide rated the city as the world’s most unaffordable property market for the seventh year in a row.
Earlier this month, a landmark skyscraper owned by Hong Kong’s richest man Li Ka-shing sold for a record price of more than US$5 billion. Called The Center, it is the city’s fifth tallest building.
In June, a business professional snapped up a parking spot for US$664,200. The parking space in western Hong Kong is said to cost more than some flats in the city, where a nano-apartment of less than 200 sq ft can go for as much as US$500,000.