A one-bedroom flat in the New Territories area of Hong Kong has been offered at a record price of HK$10.08 million (S$1.8 million).

It is one of 64 units at a joint venture residential project in the Tsuen Wan district that are being offered by property developers New World Development and Vanke Property, the South China Morning Post (SCMP) reported on Tuesday (March 28).

The 421 sq ft unit on the 57th floor of the Pavilia Bay development offers a sea view, and will cost its prospective owner an eye-watering HK$24,000 (S$4,309) per sq ft.

The average discounted price for the 64 sea-view units was HK$19,503 per sq ft.

In comparison, a similarly sized 452 sq ft unit located on Shenton Way would cost $3,004 per sq ft, according to a listing on the SRX property website.

Hong Kong developers have raised prices after Sun Hung Kai Properties sold all 621 units at the Cullinan West development atop Nam Cheong MTR station over two weekends.

On March 18, SCMP reported that one family of three alone spent more than HK$200 million on nine units at Cullinan West.

Separately, at least 75 per cent of units at Poly Property Group project Vibe Centro were snapped up as of March 25 despite a recent interest rate hike, leading the developer to release another 108 units at higher prices.