Hong Kong condo sale shatters record in slumping market

$59M deal for unit is priciest per square foot ever paid across continent

Hong Kong is in a housing slump but one condo sale just shattered a record.

A five-bedroom unit in a luxury condo tower sold for $59 million, the highest price per foot paid in Asia, Bloomberg reported.

CK Asset Holdings Ltd. sold the 3,378-square-foot unit at 21 Borrett Road in the wealthy Mid-Levels neighborhood. The buyer was not named.

That $17,542 per square foot broke the record set in 2017, according to the report. The 23rd-story unit includes a private pool and three parking spaces.

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Overall, Hong Kong luxury home prices fell 8 percent in 2020, compared to the 1 percent decline across the broader market, the report noted.

The pandemic has also worsened Hong Kong’s already falling real estate market. Office vacancies were at a 16-year high in the fall, and retail rents on the high-end boulevards have tumbled.

There are other signs that the residential market could be improving, however.
Earlier this month, a consortium of investors paid the Hong Kong government the equivalent of $935 million for a 1.25-acre residentially zoned parcel in the Peak neighborhood. It was the highest price shelled out for a government-owned residential property.

The wider downward trend in Hong Kong has been attributed in part to the fierce anti-government protests and the Chinese government’s increasing involvement in the quasi-independent territory’s governance. [Bloomberg] — Dennis Lynch 

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Hong Kong condo sale shatters record in slumping market

$59M deal for unit is priciest per square foot ever paid across continent

Hong Kong is in a housing slump but one condo sale just shattered a record.

A five-bedroom unit in a luxury condo tower sold for $59 million, the highest price per foot paid in Asia, Bloomberg reported.

CK Asset Holdings Ltd. sold the 3,378-square-foot unit at 21 Borrett Road in the wealthy Mid-Levels neighborhood. The buyer was not named.

That $17,542 per square foot broke the record set in 2017, according to the report. The 23rd-story unit includes a private pool and three parking spaces.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Overall, Hong Kong luxury home prices fell 8 percent in 2020, compared to the 1 percent decline across the broader market, the report noted.

The pandemic has also worsened Hong Kong’s already falling real estate market. Office vacancies were at a 16-year high in the fall, and retail rents on the high-end boulevards have tumbled.

There are other signs that the residential market could be improving, however.
Earlier this month, a consortium of investors paid the Hong Kong government the equivalent of $935 million for a 1.25-acre residentially zoned parcel in the Peak neighborhood. It was the highest price shelled out for a government-owned residential property.

The wider downward trend in Hong Kong has been attributed in part to the fierce anti-government protests and the Chinese government’s increasing involvement in the quasi-independent territory’s governance. [Bloomberg] — Dennis Lynch 

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