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HK apartment sells for psf record price of $17,000

The Property Addict / Distinct Dwellings

Hong Kong SAR

Nov 21 2017

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PropGo Luxury

An unidentified buyer paid HK$132,000 ($17,000) per square foot for a luxury flat in Hong Kong’s exclusive Peak neighborhood, making it Asia’s most expensive apartment by area, according to Bloomberg.

The buyer shelled out more than HK$1.16 billion Monday for two adjacent apartments at No. 8 Mount Nicholson, said Wheelock Properties Ltd. 

The record was set by the smaller of the two, which sold for HK$560 million. The project is a joint venture with Nan Fung Development.

The psf price broke the record set by 39 Conduit Road of HK$105,000 two months ago. The Mount Nicholson price was 26 percent higher.

Hong Kong’s private home prices have increased by 430 per cent since 2003, making it the world’s most expensive urban centre among 406 cities to buy a home in, according to the Demographia International Housing Affordability Survey.

Home prices have gained 10 per cent since January this year, according to the latest data released by the Rating and Valuation Department. 

SOURCE: PropGoLuxury


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