Hong Kong Apartment Sells For $57 Million

by Deidre Woollard (RSS feed)
Oct 16th 2009 at 3:02AM

A couple of people sent me a note on this one, a sign that luxury real estate is thriving in some parts of the world. We've heard all sorts of rumors about a Hong Kong real estate bubble and the bubble talk reached a fever pitch this week with the news that a Hong Kong apartment has sold for a whopping $57 million. The five-bedroom duplex suite is in a building called 39 Conduit Road. At around 6,158 square feet it is believed to be Asia's most expensive property per square foot. Amenities include a spa, swimming pool, ballroom and fitness center and the building in the Hong Kong hills boasts harbor views. Another unit in the building sold for $51 million. The fact that there is a limited amount of real estate available in the area has led to some high-prced deals as well as concerns that most residents are unable to purchase a home.

The developer, Henderson Land Development Company Limited, created a building of 66 units total ranging from 2,800 to 7,600 sq. ft. Henderson Land Development Company Limited Sales General Manager Mr. Thomas Lam said, "the supply of new luxury residence in mid-levels is extremely scarce while luxury properties in the area have always been a sought after choice. We have recently witnessed record-breaking deals in luxury property market."

[Thanks Lori and Tal]

Tags: apartment, hong kong, HongKong, real estate, RealEstate