Market Updates

Hong Kong apartment breaks Asia price record

Developer CK Asset Holdings set a new benchmark on their 21 Borrett Road scheme

A luxury apartment in Hong Kong has just broken Asia’s price per square foot record.

The 3,378 square foot unit at CK Asset Holdings’ 21 Borrett Road was reportedly picked up for HK$459.4m (US$59.3m), setting the new benchmark of HK$136,000 psf.

Sprawling across the 23rd floor, the five-bed is the biggest of the 181 flats at the super-prime development in Hong Kong’s Mid-Levels; it came with three parking spaces, a 2,131 square foot roof terrace, and a swimming pool.

The previous record (HK$132,100 psf) was set in 2017 by a pair of units at the Mount Nicholson project that sold for a combined US$149m, which still stands as the most expensive apartment ever sold in Asia.

In Hong Kong, several standalone mansions have sold at much higher prices than the Borrett Road penthouse. In the exclusive enclave of the Peak, where billionaires and business moguls live in secluded mansions, homes can sell for hundreds of millions.

In 2016, real-estate developer Chen Hongtian paid $270 million for a 9,212-square-foot mansion at 15 Gough Hill Road. In January 2017, iPhone screen manufacturing billionaire Yeung Kin-man paid $361 million for a 51,000-square-foot mansion on Pollock’s Path.

21 Borrett Road, Hong Kong

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