HK apartment sells for psf record price of S$22,908: Other pricey apartments

A general view of the Mount Nicholson project developed by Wheelock and Company in Hong Kong, China, on Nov 1, 2017.
A general view of the Mount Nicholson project developed by Wheelock and Company in Hong Kong, China, on Nov 1, 2017.PHOTO: REUTERS

A luxury apartment in Hong Kong has sold for a record-setting HK$560 million (S$97.2 million) or HK$132,000 (S$22,908) per square foot (psf).

The sale of the 4,242 sq ft (394 sq m) apartment in Hong Kong's exclusive The Peak district sets a new record in square footage terms for the world's most expensive residential market.

The apartment, which is part of the Mount Nicholson project by Wheelock Properties and Wharf Holdings, together with Nan Fung Development, was sold to an unidentified buyer, the South China Morning Post reported on Monday (Nov 20).

Here is a look at other pricey apartments in Asia.

1. $18,200 psf for penthouse duplex in Mid-Levels, Hong Kong

In late September this year, a luxury home in Hong Kong set a price record for apartment sales in Asia, even as the government sought to tame property prices in the world's least affordable market.

 
 

The penthouse duplex unit in Henderson Land Development's 39 Conduit Road project in Mid-Levels was sold for about HK$522 million (S$90.7 million), or HK$105,000 (S$18,200) per sq ft, the city's Sing Tao Daily reported on Sept 30, citing an unidentified person.

2. $11,884 psf for The Peak, Hong Kong

In November last year, reports said Hong Kong tycoon Edwin Leong Siu Hung was identified as the buyer of a 4,566 sq ft unit on the seventh floor at the Mount Nicholson apartments at the Peak.

He bought it for HK$312 million, or HK$68,481 ($11,880) psf.

A relative of his bought two adjoining units on the 16th floor with a combined floor area of 8,702 sq ft for HK$912 million. At HK$104,803 psf, this was then the most expensive apartment in Asia.

3. $3,757 psf for penthouse at Ardmore Park, Singapore

In terms of actual penthouse transactions, the highest absolute price quantum achieved to date in Singapore was the S$51 million that Alibaba co-founder Sun Tongyu paid for the sole penthouse at Wing Tai's Le Nouvel Ardmore in 2015, based on caveats information.

The price reflects S$3,757 psf based on the 13,573 sq ft strata area spanning the top two levels of the 33-storey freehold project. The unit has five bedrooms, with a family area and a study area on Level 32. A private pool, private foyers, roof terrace, a gym and an entertainment area are on Level 33.

The 42-unit project, designed by Jean Nouvel, received its Temporary Occupation Permit (TOP) in 2014.

4. $6,840 psf for a four-bedroom apartment in The Marq, Singapore

In terms of psf of strata area, the most expensive non-landed residential unit to have been transacted was a 3,003 sq ft four-bedroom apartment on the 20th storey of the Premier Tower of The Marq which went for S$6,840 psf in 2011.

A freehold project, The Marq comprises two 24-storey towers with 66 units. It received its Temporary Occupation Permit (TOP) in 2011.

SOURCES: SOUTH CHINA MORNING POST, THE BUSINESS TIMES