Hong Kong developer sells Asia's priciest apartment at $78.4 million

HONG KONG (BLOOMBERG) – Hong Kong tycoon Victor Li’s CK Asset Holdings sold a luxury apartment for a record-breaking HK$459 million (S$78.4 million), another sign that the city’s upscale housing market is recovering.

The price for the five-bedroom apartment at the 21 Borrett Road project spanning 3,378 square feet (314 square metres) translates into HK$136,000 per square foot, sale materials show. It broke the record made by another luxury development in Mount Nicholson in 2017, making it the most expensive apartment in Asia, according to Bloomberg Intelligence.

Situated in the exclusive Mid-Levels neighborhood, the home comes with a private roof and a swimming pool. The transaction also included three car parks for the unidentified buyer.

The purchase reflects recovering sentiment in one of the world’s priciest luxury residential markets. It could also draw more potential buyer attention and boost sales of remaining units in the project, Bloomberg Intelligence analyst Patrick Wong wrote in a note.

Last week, a Wharf Holdings-led consortium won an upscale residential plot for the highest price on record by square feet in Hong Kong.

British billionaire inventor James Dyson sold his luxurious Singapore penthouse on the 62nd to 64th floor of Wallich Residence for $62 million in 2020, about a year after buying it for a reported $73.8 million.

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