Hong Kong developer sells most expensive apartment at $459m

This is a sign of recovery for the city’s upscale housing market.

Tycoon Victor Li’s CK Asset Holdings Ltd. has sold a luxury apartment for a record-breaking $459m, another sign that the city’s upscale housing market is recovering, Bloomberg reported.

The price for the five-bedroom apartment at the 21 Borrett Road project spanning 3,378 square feet translates into $136,000 per square foot, sale materials show.

According to Bloomberg Intelligence, it broke the record made by another luxury development in Mount Nicholson in 2017, making it the most expensive apartment in Asia.

The purchase reflects recovering sentiment in one of the world's priciest luxury residential markets, which could also draw more potential buyer attention and boost sales of remaining units in the project, Bloomberg Intelligence analyst Patrick Wong said.

Luxury home prices fell 8% in 2020, which is more than the 1% decline in the mass market, data from JLL show.

The Hong Kong government recently scrapped plans to introduce a tax on vacant properties, which could ease pressure on luxury home sales.

Here’s more from Bloomberg.