Hong Kong’s reputation for high housing costs persists with the latest $111 million property sale, the top transactions this year, but this is still far from the city’s record price.
An 8,030 square feet home was sold for HK$870 million ($111 million), according to a joint statement by co-developers Emperor International, C C Land, Mingfa Group International and CSI Properties. The identity of the buyer was not disclosed.
The house includes 6 bedrooms, a private garden, a swimming pool and parking space. The property is in Shouson Hill, a neighborhood based in the luxurious southern district of Hong Kong with elite residents such as the city’s richest Li Ka-shing.
Weakening Sentiments
Although the sale is believed to be the top transaction this year, the per square foot price of about HK$108,300 is well below the record value of HK$140,800 in November 2021 from a 4,544 square feet lux apartment in Hong Kong’s Peak area.
This is a sign of broader weakening of sentiments in Hong Kong’s high end property market with secondary home transaction volume in the Peak and Southern residential areas falling 58 percent in the first half of 2022, according to data from local property agency Centaline.
