Luxury Hong Kong Apartment Sold for $57.3 Million

Hong Kong’s exclusive Conduit Road neighborhood now has a new unidentified resident.  A wealthy Chinese buyer has snatched up a luxury apartment at 39 Conduit Road for the record price of $57.3 million.

Believed to be Asia’s most expensive property according to value per square foot, the lavish home is five bedrooms in about 6,000 square feet, with each square foot costing $9, 200. Located on the 68th floor of the building, it has views of the harbor and the owner has access to an aroma spa centre, a fitness room, and an outdoor yoga gym.

Henderson Land Development has described the area it’s located in as “a majestic realm for the city’s  who’s who.” Thomas Lam, from Henderson, said the building offered “a chance to allow the elites in town to enjoy such prestigious property.”

Another unit in the building was sold for $51 million. Property prices in Hong Kong have benefitted from the mainland China’s booming market, but it still has the world’s most expensive real estate market. Many locals are finding it difficult to buy in this market.

The head of China research at international property agency Knight Frank, Xavier Wong, told Bloomberg news that “”Most luxury apartments are just like antiques and paintings. There’s an asset bubble forming; at such a phase in the property market, anything can happen.” Despite the recession, Asia’s property market seems to be booming.

Via: Luxury Launches, BBC