Hong Kong condo sale shatters record in slumping market

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

National Weekend Edition /
Feb.February 21, 2021 12:00 PM
21 Borrett Road 

21 Borrett Road

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.

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 


Related Articles

arrow_forward_ios
Celebrity broker Ryan Serhant is renting his Hudson Square penthouse. (Serhant)
Ryan Serhant rents Lower Manhattan penthouse for $15K
Ryan Serhant rents Lower Manhattan penthouse for $15K
This Arkansas compound sits directly across from the University of Arkansas football stadium. (Getty, Realtor.com)
Arkansas’ priciest home lists near Fayetteville football stadium
Arkansas’ priciest home lists near Fayetteville football stadium
Tower 535 in Hong Kong and WeWork CEO Sandeep Mathrani (Photos via SOM, Getty)
WeWork exits first Hong Kong location as part of global downsizing
WeWork exits first Hong Kong location as part of global downsizing
Glympton Park and Prince Bandar bin Sultan. (Getty, Twitter via NicholasKingsle)
Saudi prince sells 2K-acre UK estate to Bahrain’s royal family for $165M
Saudi prince sells 2K-acre UK estate to Bahrain’s royal family for $165M
Jerry Seinfeld and his Telluride estate (Getty, Realtor)
Jerry Seinfeld wants $15M for Telluride estate
Jerry Seinfeld wants $15M for Telluride estate
Tom Cruise and his four bedroom property. (Getty, LIV Sotheby's Realty)
Tom Cruise looks to sell sprawling Telluride compound for $40M
Tom Cruise looks to sell sprawling Telluride compound for $40M
Suneil Setiya and the One Hyde Park complex (Photos via Wikipedia Commons/Rob Deutscher and Synergos)
Phat flat: Hedge funder nears deal for $153M London penthouse
Phat flat: Hedge funder nears deal for $153M London penthouse
Bryan Cranston and his California beach house (Getty, Realtor)
“Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad
“Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad
arrow_forward_ios

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

Loading...