Taikoo Shing penthouse sets new sales record

May 18, 2015 11:01
Taikoo Shing has seen a new record being set in residential property transaction price in the area.  Photo: HKEJ

A penthouse in Hong Kong's Taikoo Shing has been sold for HK$26.8 million, or HK$22,700 per square foot, setting a new transaction record for the residential estate in the Quarry Bay area.

The unit at Wisteria Mansion, comprising an 1,180-square-foot apartment and an 802-square-foot terrace, boasts a panoramic sea view, making it a major draw for the buyer, the Hong Kong Economic Journal reported on Monday.

The uniqueness of the penthouse would make it difficult for other units in the housing estate to fetch similar prices, Cheung Kwong-yiu, a senior district sales manager with Centaline Property Agency, was quoted as saying.

The penthouse owner is said to have reaped a gain of HK$12.95 million on the transaction, representing an appreciation of 93.5 percent over his purchase price about eight years ago.

The previous sales record in the housing estate was in early 2013, when a property -- also a penthouse unit -- was sold for HK$26 million, or HK$20,100 per square foot.

Before that was another penthouse was sold in 2012 for HK$24.8 million, or HK$19,200 per square foot.

Two other popular residences, namely Nam Fung Sun Chuen and Heng Fa Chuen, on Hong Kong Island also saw some new records being set in transaction prices recently.

Translation by Vey Wong

[Chinese version中文版]

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Hong Kong Economic Journal