$522 Million Hong Kong Apartment Sets Record In Asia

A penthouse duplex unit has set a new record for apartment sale prices in all of Asia. Henderson Land Development Co.’s 39 Conduit Road project sold for an unbelievable $522 million HKD– that’s $85.3 million AUD. With a private swimming pool and three parking spaces, that calculates to about $1.13 million HKD per square metre.

Hong Kong home prices has rivalled that of the Australian markets, reaching unprecedented highs this year. Hong Kong officially achieved the status of the world’s least affordable market only recently. In spite of government mandated restrictions to control the market with tighter bank lending regulations in May, with imminent concerns of another real-estate crash which comes with dire implications for the city’s wealth and financial stability, insane cases like this have still been occurring left, right, and centre.

The prices for luxury homes in Hong Kong has been exceeding expectations with increased frequency lately. In November of last year, two units in Wheelock Properties Ltd.’s Mount Nicholson project in Hong Kong’s famed Victoria Peak were sold at an average of $1.128 million HKD per square metre, a regional record that has only been topped by this latest sale. Earlier this year, a parking space sold for a whopping $870,000. With acquisitions happening everywhere at once, one cannot help but wonder what happens when all the land beneath your feet has been sold off to the highest bidder.

The best choice of action at this point is to save away and hope for the best.