Asia’s most pricey apartment by sq. foot sells for $59 million

A five-bedroom penthouse in Hong Kong just sold to an unidentified purchaser for about $59 million, breaking the file for the most expensive rental ever sold in Asia by sq. footage, Shawna Kwan documented for Bloomberg.

The home offered for a whopping $17,542 for every square foot.

The vendor was developer Victor Li, the chairman of CK Asset Holdings, a Hong Kong assets developer valued at about $23 billion. He’s the son of Hong Kong’s next-richest male, Li Ka-shing, who has a web well worth of $36.7 billion, in accordance to Forbes.

The 3,378-sq.-foot condominium sits on the major flooring of a 23-story luxury residential constructing at 21 Borrett Highway in Mid-Ranges, an affluent residential neighborhood that is surrounded by upscale restaurants and delivers panoramic sights of Victoria Harbour, according to Luxe Dwelling Asia. 

21 borrett street hong kong

21 Borrett Road is a luxurious residential advanced of five buildings.

CK Asset Holdings

21 Borrett Street, done in 2020, is a complicated of 5 residential buildings with 181 units, according to Homewise Realty, which marketplaces the residence. Only a couple of its flats have been place on the industry.

The developer delayed the income start of the Highway residences in August 2019 simply because of Hong Kong’s professional-democracy protests, in accordance to Hong Kong publication The Standard.

The penthouse is the development’s major unit and will come with a ​​2,131-square-foot private rooftop as well as a 717-square-foot terrace.

21 borrett road hong kong

Product sales of 21 Borrett Road’s residences were being delayed in August 2019 amid social unrest in Hong Kong.

Courtesy of Homewise Realty

Li of CK Asset Holdings declined to comment for this tale.

The priciest condominium in Asia

The Borrett Street penthouse broke Asia’s history for rate for every sq. footage, but it really is not the most expensive condominium at any time offered on the continent.

In 2017, two apartments in Hong Kong’s Mount Nicholson enhancement bought for a mixed $149 million. The cost for every square foot in that offer, however, was $16,897 — about $645 much less expensive for every sq. foot than the Borrett Road residence.

Singapore, a further a person of Asia’s priciest cities for actual estate, is also recognized for condos that offer at exorbitant costs.

In 2019, Dyson vacuum billionaire James Dyson paid $54 million for a three-story penthouse in Singapore’s Guoco Tower. That residence, having said that, was significant — 21,000 square toes — which means he paid out only about $2,571 for each square foot. A minor around a calendar year later on, he bought it at a reduction for $47 million.

Singapore’s largest penthouse, a 28,000-sq.-foot distribute of 5 mixed residences, hit the market place before this month for $104 million.

hong kong victoria peak

Victoria Peak in Hong Kong.

ANTHONY WALLACE/AFP by using Getty Images

In Hong Kong, many standalone mansions have offered at much increased costs than the Borrett Highway penthouse. In the exceptional enclave of the Peak, in which billionaires and business moguls are living in secluded mansions, properties can promote for hundreds of millions.

In 2016, authentic-estate developer Chen Hongtian paid out $270 million for a 9,212-sq.-foot mansion at 15 Gough Hill Road. In January 2017, Iphone display manufacturing billionaire Yeung Kin-man paid $361 million for a 51,000-square-foot mansion on Pollock’s Route. Alibaba founder Jack Ma was rumored to have acquired a $191 million mansion in the Peak in 2015, but it truly is in no way been verified.

Just previous 7 days, a group of investors compensated about $935 million for a 1.25-acre parcel of land in the Peak that was formerly utilized as housing for Hong Kong civil servants. It was the optimum rate ever paid out per-sq.-foot for a government-owned parcel of land.