Asia’s Priciest Apartment sold at $59 Million

For a record-breaking HK$459 million ($59 million), Hong Kong tycoon Victor Li’s CK Asset Holdings Ltd. sold a luxury apartment, another sign that the city’s upscale housing market is recovering.

At the 21 Borrett Road project, the value for a five-bedroom apartment spanning 3,378 square feet (314 square meters) converts to HK$136,000 per square foot, displaying sales materials. According to Bloomberg Intelligence, it broke the record achieved by another luxury development at Mount Nicholson in 2017, making it the most expensive apartment in Asia.

Located in the prestigious Mid-Levels area, the home comes with a private roof and a swimming pool. Three parking spaces for the unidentified buyer were also included in the transaction.

In one of the world’s priciest premium residential markets, the investment represents recovering sentiment. It could also attract more prospective customer interest and raise sales of remaining units in the project, Bloomberg Intelligence analyst Patrick Wong wrote in a report.

Last week, the Wharf Holdings Ltd.-led consortium secured a high-quality residential plot at the highest possible price on Hong Kong’s square foot record.

Luxury home prices declined by 8 percent in 2020, higher than the 1 percent decrease in the mass market, according to Jones Lang LaSalle Inc.

Last year, the government dropped proposals to impose a levy on abandoned homes, which may relieve pressure on luxury home prices as costly housing inventory is typically more difficult to clear.

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