Logo of Phnom Penh Post newspaper Phnom Penh Post - $59.2M Hong Kong flat sale sets new Asia record

$59.2M Hong Kong flat sale sets new Asia record

Content image - Phnom Penh Post
A penthouse in Hong Kong's affluent Mid-Levels neighbourhood set a new benchmark for price per square foot at $17,500 ($188,368 per sqm). AFP

$59.2M Hong Kong flat sale sets new Asia record

Hong Kong may be in its worst recession in years but its luxury property market is still thriving after a five-bedroom apartment broke records with its HK$459.4 million (US$59.24 million) price tag.

While there have been more expensive properties sold in Hong Kong, the 3,378-square-foot (313.83sqm) penthouse in the affluent Mid-Levels neighbourhood set a new benchmark for price per square foot at $17,500 ($188,368 per sqm).

The sale, reported by local media on February 17 and recorded in the development’s register of transactions, illustrates the stark inequality in Hong Kong.

Recent political instability coupled with the coronavirus has hammered the economy, which contracted a record of 6.1 per cent last year. Unemployment is currently at 6.6 per cent, the highest in 16 years.

But bellwether luxury property sales suggest the super rich are weathering the storm just fine.

The price paid by the unidentified buyer for the property at 21 Borrett Road – a newly built luxury apartment tower – beat the previous price per square foot record set in 2017.

And it comes a week after a consortium set a new record when it paid $935.2 million – or $6,450 per square foot – for a piece of land on The Peak, the mountain that dominates Hong Kong Island and remains the city’s most exclusive neighbourhood.

Hong Kong is a city of stark contrasts – where impoverished elderly people can be seen collecting cardboard to recycle on streets filled with supercars and luxury goods stores.

The cramped financial hub regularly tops various rankings of cities with the least affordable housing in the world, with even the cheapest apartments far out of reach for most workers.

Successive governments have failed to tackle inequality or the yawning shortage of housing, something that helped fuel huge democracy protests in recent years.

A 2019 report by real estate firm CBRE ranked Hong Kong as the most expensive city for residential property, with an average price of $2,091 per square foot.

It listed the average property price in Hong Kong as $1.2 million – far above second-placed Singapore at $874,372.

A report that year by UBS said a “skilled worker” needed 22 years of income to afford a 60sqm flat, up from 12 years a decade ago, with salaries staying largely the same since 2008.

But the ultra wealthy have seen their fortunes continue to grow.

According to Knight Frank’s global wealth report, the number of billionaires in Hong Kong grew from 40 in 2013 to 71 in 2019, giving the city one of the highest ratios of billionaires per capita in the world.


  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At