Date
22 October 2017
Swire Properties has set a new record by selling a duplex apartment at its Opus tower for nearly HK$500 million. Photo: HKEJ
Swire Properties has set a new record by selling a duplex apartment at its Opus tower for nearly HK$500 million. Photo: HKEJ

Why luxury flats will have more takers in HK

Swire Properties has just sold a super-deluxe duplex apartment at its Opus tower for nearly HK$500 million (US$80.5 million), setting a new record as Asia’s most expensive apartment in terms of price per square foot.

The property at Stubbs Road, a winding hillside path that stretches from Happy Valley to The Peak, measures 5,177 square feet, and is spread over the ground and first floors of the building.

Other features are a 3,245-square foot garden — which is not included in the saleable area — a private swimming pool and two parking spaces.

The apartment was sold over the last weekend at HK$95,971 per square foot, breaking a previous record set in April.

Two months ago, a buyer paid HK$93,000 per square foot for a HK$433.8 million flat at 39 Conduit Road, a property developed by the Henderson Land Development (00012.HK).

The transactions indicate that wealthy people who normally opt for individual houses are now chasing luxury apartments.

Given the huge living spaces and high privacy, mansions have traditionally been the preferred choice of the super-rich.

PCCW (00008.HK) chairman Richard Li Tsar-kai and property tycoons Hui Sai-fun and Peter Woo Kwong-ching are all living in big houses located at the south of Hong Kong Island.

However, living in individual mansions means one has to think more about the issue of personal security.

Queenie Law, the granddaughter of the late founder of clothing chain Bossini, was kidnapped in the family’s mansion in Sai Kung two months ago.

That may be the main reason why some rich men are now opting to live in apartment buildings. Lee Shau-kee, chairman of Henderson Land, has in fact been living in a top-floor quadruplex in Eva Court at Mid-Levels.

Shih Wing-ching, founder of Centaline Property agency, wrote in his column in am730 newspaper recently that he expects the luxury housing market to remain on an uptrend in the near future, helped by the wealth effect created by the stock market.

The Hong Kong stock market has been surging along with the mainland’s A-share market in recent months.

People normally think that stock market is an avenue for speculation while real estate is a place to park one’s savings. So when they take profit from stocks, the money often goes into property.

Such activities should help the high-end property market hold up well in the coming months.

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RC

EJ Insight writer

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