A Hong Kong penthouse just sold for over $13K psf

Luxury home is located in Henderson Land Development project at 39 Conduit Road

New York /
Oct.October 02, 2017 10:00 AM

Hong Kong is both the least affordable market in the world and home to the most expensive apartment in Asia.

A luxury penthouse duplex in the Henderson Land Development project at 39 Conduit Road has sold for about $67 million U.S. dollars, an eye-popping $13,372 per square feet, despite efforts from the government to cool down property prices, according to Bloomberg. The unit is 4,971 square feet and includes three parking spots and a private swimming pool.

Prices for homes in Hong Kong hit record highs this year and climbed for the 17th consecutive month in July, the region’s longest streak since 1993. Prices of luxury residences routinely break records for Asia, and the housing market got even more expensive during 2017’s second quarter.

It currently takes a household earning median income 18 years to buy a home in Hong Kong — the longest amount of time in the world — and the market has reached the point where even bankers can struggle to find solid affordable housing, instead moving to co-living developments. [Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
HGTV Founder Kenneth Lowe with the ONe57 condo (Getty, Douglas Elliman via Realtor)
HGTV founder buys One57 condo for $12.7 million
HGTV founder buys One57 condo for $12.7 million
45 South Grove St in East Orange (Rendering via Progress Capital)
Hero Construction lands $20M loan to build East Orange apartments
Hero Construction lands $20M loan to build East Orange apartments
90 Morton Street and 212 West 18th Street (Photos via 90MortonSt and JDS)
Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
Rep. Alexandria Ocasio-Cortez, President Joe Biden and House Speaker Nancy Pelosi (Getty)
Democrats urge Biden to extend eviction ban after House effort falls short
Democrats urge Biden to extend eviction ban after House effort falls short
Anderson Cooper is selling the apartment of his late mother Gloria Vanderbilt (Getty, Corcoran)
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
Some real estate agents are seeing a rebound in international interest, but others believe foreign buyers aren’t quite back yet. (iStock)
Some say foreign buyers are back, but evidence is anecdotal
Some say foreign buyers are back, but evidence is anecdotal
Susan Rice (Getty, iStock)
Susan Rice to co-chair home appraisal inequity task force
Susan Rice to co-chair home appraisal inequity task force
Rep. Alexandria Ocasio-Cortez and President Joe Biden (Getty)
Tenant advocates frustrated with Biden’s eviction response
Tenant advocates frustrated with Biden’s eviction response
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...