Hong Kong condo sells for $18K psf, most ever in Asia

Unit in ultra-wealthy Peak neighborhood fetches $82.2 million

The Mount Nicholson complex (Wheelock Properties)
The Mount Nicholson complex (Wheelock Properties)

A condominium in Hong Kong’s wealthy Peak neighborhood sold for the equivalent of $18,072 per square foot, a condo record for that metric in Asia.

The 4,544-square-foot apartment at the Mount Nicholson complex sold for HK$640 million, or about $82.2 million, according to Bloomberg.

The per-square-foot price is $530 more than the record for Asia set earlier this year, when a unit at CK Asset Holding Ltd.’s 21 Borrett Road in the Midlevels neighborhood sold for about $59 million.
The Mount Nicholson unit was sold by the project’s developers, Wharf Holdings and Nan Fung Development. The unit came with three parking spaces.
The buyer, who has yet to be identified, also bought a unit next door, paying the equivalent of about $72 million.
The two record-setting sales underscore the recovery of the high-end Hong Kong condo market from last year’s slump. Overall, Hong Kong luxury home prices fell 8 percent last year from 2019.

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Colliers estimates that prices for luxury homes in the territory rose by 3 percent in the second half of this year.
The previous per-square-foot record was also for a unit at Mount Nicholson, in 2017. That 9,178-square-foot unit sold for about $149 million.
Hong Kong real estate of all types is among the priciest in the world, in part because of the lack of buildable land.

Those who can’t afford luxury must resort to much smaller apartments. More and more Hong Kongers find themselves living in so-called micro-flats.

About 13 percent of all homes sold in the city in 2019 were smaller than 260 square feet. In 2010, well under 1 percent of units sold in the territory were that small.

[Bloomberg] — Dennis Lynch