Hong Kong developer sells Asia’s priciest apartment at $59 million

Hong Kong tycoon Victor Li’s CK Asset Holdings Ltd. sold a luxury apartment for a record-breaking HK$459 million ($59 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 meters) 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 parking spaces 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 Ltd.-led consortium won an upscale residential plot for the highest price on record by square feet in Hong Kong.

Luxury home prices fell 8% in 2020, more than the 1% decline in the mass market, data from Jones Lang LaSalle Inc. show.

The government last year scrapped plans to introduce a tax on vacant properties, which could ease pressure on luxury home sales as it’s usually more difficult to clear expensive property inventory.

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