7 Pollock's Path - $35K/sqft
http://i5.photobucket.com/albums/y181/Genuine007/060508000.jpg
http://i5.photobucket.com/albums/y181/Genuine007/060508020.jpg

http://www.singtao.com/yesterday/loc/0722ao02.html
http://the-sun.orisun.com/channels/ent/20060722/20060721233246_0000.html
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Crazy...

If I can buy 3 square feet, I'd prefer a car instead.

Yea I know fer fecks sake :D

i thought it's the penthouse at the arch... >< mmm.

No that was HK$ 32,000-odd.

Anyone know how large 10 Pollocks path is in square feet?

According to 以3.2億元購入山頂普樂道10號「天比高」重建的四幢洋房，呎價高達1.45萬元。 (http://www.takungpao.com/news/2005-7-19/JJ-429370.htm) it should be around 22K sqft

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

That's extremely expensive.

Is it a mansion?

a random home I found:
Manchester Lodge
http://www.hongkonghomes.com/tmp/pro_info/n1/8337/8337_01.jpg
HK$ 107,573 per sq.ft.

According to 以3.2億元購入山頂普樂道10號「天比高」重建的四幢洋房，呎價高達1.45萬元。 (http://www.takungpao.com/news/2005-7-19/JJ-429370.htm) it should be around 22K sqft

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

22 000 sq ft?

That would price it at HK$ 770m, or approximately US$ 100m!!!

Is it a mansion?

a random home I found:
Manchester Lodge

HK$ 107,573 per sq.ft.

Did you find that at hongkonghomes.com?

The price stated there was HK$ 120m for just over 1 000 sq ft, when really it should've been HK$ 12m.

Was proven to be a misprint I believe.

Ah. Here's another on hongkonghomes

http://www.hongkonghomes.com/tmp/pro_info/41376/41376_01.jpg
31 Lugard Road in the Peak
Selling Price: HK$ 138,000,000 / HK$ 46,000 per sq.ft. (3,000 sq.ft.)

Just kidding, this is what I meant to show:
http://www.hongkonghomes.com/tmp/pro_info/67/67_01.jpg
94, Repulse Bay Road
HK$ 340,000,000 / HK$ 81,829 per sq.ft. (4,155 sq.ft., four listings)

趙世光3.8億買石澳道屋

21/10/2006
石澳道13號以3.8億元售出，呎價高達4.75萬元，創本港住宅新高紀錄 (http://the-sun.orisun.com/channels/fina/20061021/20061021011240_0000.html)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

A translation???

趙世光3.8億買石澳道屋

21/10/2006
石澳道13號以3.8億元售出，呎價高達4.75萬元，創本港住宅新高紀錄 (http://the-sun.orisun.com/channels/fina/20061021/20061021011240_0000.html)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

"13 Shek O Road was sold for HK$380 million, equivalent to HK$47,500 per sq ft, breaking the highest sq ft price in Hong Kong."

p.s. HK3.8 billion = US$47.5 million

for heaven's sake, i can use this money buy 30 apartments in Chelsea...

Insane.

Anyone have pics of the building?

for heaven's sake, i can use this money buy 30 apartments in Chelsea...


Then use it. ;)

I'm surprised houses on the Peak aren't sold for more than that...

New record for non-sole mansion - $33,814/sqft

3 Coombee Rd, House 1 -- The Peak

德永佳主席億五賣山頂屋

24/10/2006

山頂甘道3號1號屋，新近以1.5億元易手，呎價逾3.38萬元，創該區呎價歷史新高 (http://the-sun.orisun.com/channels/fina/20061024/20061024011728_0000.html)

甘道3號洋房呎價3.38萬新高 (http://www.mpfinance.com/htm/Finance/20061024/Property/la_lag1.htm)

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

What's a non-sole mansion?

What's a non-sole mansion?

the address "3 Coombe Road" comprises two semidetached houses flanked by two detached versions. The one that was sold is House#1, so it is not a stand alone mansion.

The previous record was held by 'The Arch" at $31.3K/sqft 舊紀錄是九龍站凱旋門天際獨立屋的成交呎價3.13萬元。

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Whatever caused the Shek O 13 Road to be priced so high?

And how come no mention of it in the English papers?

I thought The Arch in kowloon station also hitted 35000 per sq ft when a flat was sold last year.

Another new record for non-sole mansion - $34,000/sqft - "Severn 8" House #1

倚巒呎價3.4萬 山頂洋房新高

28/10/2006

山頂施勳道倚巒,1號屋呎價逾3.4萬元，創區內洋房呎價新高 (http://www.mpfinance.com/htm/Finance/20061030/News/ea_eab1.htm)

山頂豪宅倚巒，其中兩幢洋房分別獲買家以1.75億及1.7億元購入，呎價3.3萬至3.4萬元，創山頂洋房呎價新高 (http://the-sun.orisun.com/channels/fina/20061028/20061028011538_0000.html)

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Records popping up everywhere....

How come none of this stuff is reported in the SCMP?

$34,918

$34,918/sqft - "Severn 8" House #2 ( 5069ft - $177m )

$34,120/sqft - "Severn 8" House #1 ( 5129ft - $175m )

http://the-sun.orisun.com/channels/fina/20061103/img/b121103a_big.jpg

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

$36.5K / sqft

"Severn 8" House #6,7

http://www.mpfinance.com/htm/Finance/20061123/Property/la_laa2.htm

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Severn 8
http://i5.photobucket.com/albums/y181/Genuine007/060508062.jpg

View from Barker Road
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Peak lot fetches $1.8b
http://www.news.gov.hk/en/category/businessandfinance/061219/html/061219en03006.htm

It equals to HK$42,196 per sq foot for just the land excluding any construstion cost added on when for sale.

what I wanna know is who gets all that money

yeah the developers get some but does the hong kong governement get the land value money?

Yesterday's auction was between the government (land owner) and the property developers. The price is what the government gets. Then the property developer will build and sell the units at an even higher price.

^^ Just wanna add that SHK can build multi-storey buildings so in the end buyers of the units may not have to pay some 42k per sq ft.

^^ Just wanna add that SHK can build multi-storey buildings so in the end buyers of the units may not have to pay some 42k per sq ft.

I just read that in Ming Pao estimating the price will range from 45k to 50k per sq ft.

It is still a hell lot of money for one square foot.

Where can you find real estate listing online for HK?

I know of two sites:
http://www.midland.com.hk/eng/
http://www.hongkonghomes.com/hong_kong_property/eng/index.htm

Also, how are taxes calculated for a purchased flat (i.e. property tax)?

http://img407.imageshack.us/img407/2554/03mc01kl7.jpg
Aside from his guaranteed box office, Stephen Chow Sing Chi also has a sharp eye when it comes to real estate investments.

Last year, Stephen sold a luxury mansion at a price of $32k (HKD) per square foot, setting a record for the 6th highest price ever sold [for a luxury mansion]. He gained more than $30 million (HKD) from this sale.

Stephen's good friend, "Big Lau," Lau Luan Hung [Michelle Reis Lee Ka Yan's ex-boyfriend] has recently entered the market of buying old buildings to renovate. Yesterday, a report appeared that Stephen has bought a lot in a high-end neighborhood to construct four three-story houses. If the houses were successfully rented out, then Stephen will have an income of $900 million (HKD).

Allegedly, Stephen also bought a lot in Tsim Tsa Tsui and a building on Queens Road, with the intention of converting it to a mall. If the building is successfully rented, this will add $500 milion (HKD) in income.

The report estimates that Stephen's total real estate assets are worth $1.5 billion (HKD) and his lifestyle is heading towards that of a billionaire's.

http://img407.imageshack.us/img407/3380/03mc02dt7.jpg
Caption: Stephen Chow sold the above property last year, earning more than $30 million (HKD)

http://ol.mingpao.com/ftp/Lady/20070103/saa01/03mc03.jpg

Reporters contacted Stephen's mother, Ling Bao Yi. Are Stephen's real estate assets worth $1.5 billion (HKD)? "Stephen entered a real estate partnership with his friends. They bought a lot and will be erecting a building, with the intention of renting it out. Where would he have gotten $1.5 billion from? He is working with some friends and he invested some money in the project."

Ms. Ling also stated that the lot Stephen bought in Tsim Tsa Tsui is too small, so it may have limited development opportunities. But from an investment perspective, it may not be a bad deal.

Has Stephen been living the life of a billionaire? Ms. Ling laughed, "I always see Stephen wearing the same athletic jumpsuits. He does not give me an impression of living like a billionaire. Stephen has never asked for luxuries in his lifestyle. My son just enjoys eating the dinner I prepare!"

In Ms. Ling's eyes, Stephen is only her son and not a billionaire.

Legend flat fetches record HK$32,000 psf

http://hk.news.yahoo.com/070319/12/23z8t.html

beat the 2005 record of HK$31,300 set by The Arch.
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Legend
http://i5.photobucket.com/albums/y181/Genuine007/070227_037s.jpg
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Whats so great about The Legend?

Whats so great about The Legend?

come on, it is "the legend"...LOL just kidding...

i know, exactly, i've no idea why its so good, i mean it claimes to be in Jardine's Lookout, but its actually right below it in Tai Hang, there are apartments surrounding it all the way...the facade isnt exactly amazing, everything in there seems too nouveux rich ( i went to the show flat), having gimmiky stuff such as 1000swavorski crystal-light in the bathroom, 24k gold basin...etc, there were even real life models taking baths in the show flat - -....its just not very classy at all..and I've heard that a lot of the buyers were from mainland China too (no offence, but these are usually things that appeal to the Chinese nouvuex rich). According to the news the buyer of the penthouse is also from mainland China, no wonder why he is willing to pay such a rediculous price.

to be honest, with HK$1.3 billion, why not buy a mansion on the Peak or the south side

Well, people still bought Union Square's residentials even though at those prices, the Peak isn't so out of range after all.

yeah...but places like the peak are meant to be the best locations historically and have international qualities such as surrounded by greenaries/open spaces/fresh air/privacy etc., although those penthouses are still very nice they are still apartments in the middle of the city, just don't think it would worth that much, but that's my opinion

http://i5.photobucket.com/albums/y181/Genuine007/070321_043s.jpg
http://i5.photobucket.com/albums/y181/Genuine007/070321b_063s.jpg

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

The units at the top look like they have windows stretching the entire length of the wall. Impressive views from there for sure.

Its all about a person's preferences and where they are most likely to travel to. If you like going out, chances are you'd probably buy a place in the middle of the city where everything 'is'. If you like seclusion with natural scenery, you would probably pick the Peak. Its all about what you want. Anyways, both places have their good and bad's.

The clash between the bamboo-lattice podium and the glassy towers is sort of interesting. And I'm sure the developers wish they could've razed that "worthless" ancient building right nextdoor.

what would a 80 square meter apartment cost to rent somewhere around mongkok?

HK's property is really really very very damn expensive:nuts:

So that's the redevelopment at Aw Boon Haw Gardens?

So that's the redevelopment at Aw Boon Haw Gardens?

Yes. Looks better than I thought,

Another new record in "Severn 8"

山 頂 獨 立 屋 每 呎 3.8 萬 破 紀 錄 (http://www.singtao.com/yesterday/loc/0324ao01.html)

$38.8K / sqft

"Severn 8" House #5

http://the-sun.on.cc/channels/fina/20070324/20070324012126_0000.html

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

How much did he pay for it? And how big is it?

(Both: The Legend and Severn Road)

Severn 8 House #5 ( HK$38,800psf )

~HK$200.0M / 5100sf

Legend Tower 2 「King of House」( HK$32,000psf )

HK$123.2M / 3850sf

The Arch 77F A (Apr 29 2005) ( HK$31,300psf )

HK$167M / 5353sf

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

倚 巒 呎 價 3.9 萬 再 新 高

$39,130 / sqft

"Severn 8" House #8
HK$180m / 4600sf

http://hk.news.yahoo.com/070329/60/24ouu.html
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) Part II (http://www.skyscrapercity.com/showthread.php?t=212436) Part III (http://www.skyscrapercity.com/showthread.php?t=316338) Part IV (http://www.skyscrapercity.com/showthread.php?t=9007041)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

倚巒一號屋呎價4.1萬破紀錄, 創亞洲豪宅新紀錄 (http://hk.news.yahoo.com/070610/60/296cz.html)

$41,000 / sqft

"Severn 8" House #1

HK$210m, 5100 sqft
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

I have actually been to a few of these houses and the interior is crazy. They even have elevators inside.

How did you get in? Pretend to be a potential buyer? :p

No, I [used to] work for PCPD... you may recall Cyberport/Bel-Air?? Yea... we just get to see these houses. :D I have a few pictures ;).

Lucky!

亞洲區分層單位新高呎價紀錄 (http://hk.news.yahoo.com/070704/12/2asn3.html)

New record for Condominium in Asia

凱旋門朝日閣「天際獨立屋」, 成交呎價一舉打破亞洲分層戶的新紀錄.

The Arch HK$33,500psf

HK$185M / 5497sf

#############

天璽亦透露2個特色戶「至高無上」的意向呎價達4萬元 (91-93fl) ~4000sf

亞洲區分層單位新高呎價紀錄 (http://hk.news.yahoo.com/070704/12/2asn3.html)

New record for Condominium in Asia

凱旋門朝日閣「天際獨立屋」, 成交呎價一舉打破亞洲分層戶的新紀錄.

The Arch HK$33,500psf

HK$185M / 5497sf

#############

天璽亦透露2個特色戶「至高無上」的意向呎價達4萬元 (91-93fl) ~4000sf

HK$185,000,000 for a condo... :nuts: :nuts:

Arch penthouse sells for record HK$185m
5 July 2007
South China Morning Post

Sun Hung Kai Properties has sold a 5,497-square-foot penthouse at the Arch at Kowloon Station for HK$185 million, setting a record for a Hong Kong flat of HK$33,500 per square foot, the company said.

The six-bedroom Sun Tower rooftop penthouse on the 80th and 81st floor includes a 2,174-square-foot sky garden and a private pool.

The sale, to a buyer engaged in business between Hong Kong and the mainland, broke the record for an flat set by Cheung Kong (Holdings), which sold a penthouse at the Legend on Jardine's Lookout for HK$32,000 per square foot, or HK$123.2 million, only three months ago.

Victor Lui Ting, an executive director of Sun Hung Kai Real Estate Agency, said Sun Tower achieved a price higher than that recorded for another penthouse at the Arch, Sky Tower, two years ago.

Thomas Lee Pui-cheung, regional director at Centaline Property Agency's West Kowloon district, believed the latest deal probably included two or three car parking spaces, each worth about HK$1.2 million.

Mr Lee, who sold the Sky Tower penthouse in 2005, said the latest deal was done by SHKP.

"The buyer approached the developer himself instead of through a property agent," Mr Lee said.

Mr Lui said SHKP had been in talks with the buyer of Sun Tower for about six months before closing the deal.

The remaining three penthouses, each of about 3,000 sq ft, would be offered at above HK$33,000 per square foot, he said.

Due to the record-breaking sale, Mr Lui said asking prices for the two penthouses at the forthcoming sale of the luxury Cullinan residential development at Kowloon Station, would be about HK$40,000 per square foot.

The Cullinan, next to the Arch, is scheduled for sale in the fourth quarter of this year.

Yea just saw that in the Business section.

There's a 5000 sq ft house going on the Peak for 190m according to the Property Times...

名門頂層呎價3.4萬售 創亞洲紀錄 (http://hk.news.yahoo.com/071018/60/2htss.html)

New record for Condominium in Asia

Legend Tower 1 「House of The Legend」( HK$34,000psf )

HK$109M / 3205sf

Such disgusting towers - and whats' with the green lighting at night?

Bad glass color, bad lighting, bad name. I don't think I need to guess who built it.

I'll bet the hallways and shared facilities are narrow as crap, too.

Bad glass color, bad lighting, bad name. I don't think I need to guess who built it.

I'll bet the hallways and shared facilities are narrow as crap, too.

And yet, the penthouse suites are going for upwards of HK$100m.

More money than sense some people...

but all the money is actually paying for that superb view of victoria harbour, not whatever is in the condo.

imagine you can look at the world best skyline (imo), every day and night.
if i had the money, i would have bought it, too.

but all the money is actually paying for that superb view of victoria harbour, not whatever is in the condo.

imagine you can look at the world best skyline (imo), every day and night.
if i had the money, i would have bought it, too.

The Peak offers better views than Mid-Levels East.

but all the money is actually paying for that superb view of victoria harbour, not whatever is in the condo.

imagine you can look at the world best skyline (imo), every day and night.
if i had the money, i would have bought it, too.

untill other building blocking the view few years later...:lol::lol::lol:

Hong Kong flat sold for 14.1 million dollars

HONG KONG, Oct 19, 2007 (AFP) - A new Hong Kong apartment has sold for a record 14.1 million US dollars, a report said Friday, as the city's booming market for luxury homes continues to strengthen.

The 3,205 square foot (298 square metre) duplex apartment on Hong Kong island fetched 109 million Hong Kong dollars, or 34,000 Hong Kong dollars per square foot, according to a report in the South China Morning Post.

The sale broke the record of 33,300 dollars per square foot for a flat in the distinctive The Arch development on the opposite side of Victoria Harbour, which was sold in March.

The apartment, in the four-tower The Legend development, features a rooftop swimming pool with gold-plated fixtures and a view of the famous harbour, the paper said, quoting Louis Ho, property director at the sale agents, Centaline.

"These features attracted the buyer to pay an aggressive price for the unit," he said.

The record is not expected to last long as the developers Cheung Kong (Holdings), part of Asia's richest man Li Ka-Shing's business empire, plan to raise prices for the remaining duplexes in the building, the report said.

Earlier in the week, a prime piece of development land in Hong Kong was sold for 5.71 billion Hong Kong dollars, smashing analysts' expectations on the back of rising demand for luxury housing in the territory.

分層呎價4.2萬 亞洲新高 Branksome Crest複式頂層 (http://hk.news.yahoo.com/071123/12/2k3p3.html)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

En Anglais, mon dieu! mon dieu!:

http://finance.thestandard.com.hk/en/business_news_view.asp?aid=57500


Alibaba boss opens flat door to $300m record

24/11/2007

Alibaba.com (1688) founder and chairman Jack Ma Yun, left, has bought a luxury duplex penthouse, with the price tag of HK$42,325 per square foot setting another record in Asia's luxury property market.

The leader of the online business- to-business marketplace operator splashed out about HK$300 million for the 7,088 sq ft duplex on the 52nd floor of Branksome Crest in Mid-Levels.

The unit has five bedrooms, and includes a garden on the roof occupying 2,771 sq ft. Ma bought the property directly from developer Kerry Properties (0683), sources said. Ma was not available for comment when approached by The Standard.

The deal broke the record for not just Hong Kong, but the whole of Asia. The previous record was held by the purchase of House 1 at 8 Severn Road on The Peak, when a businessman paid about HK$41,000 psf for a 5,100 sq ft semi-detached townhouse.

Top rents at Branksome Crest, completed in 2004, are stable at HK$70 psf, and are on par with houses on The Peak.

Deborah Ho Chiu-hung, daughter of Macau gaming magnate Stanley Ho Hung-sun, lives on the 51st floor.

Ma's personal worth is estimated at HK$12.7 billion following the listing debut of Alibaba, whose stock tripled in value in the first day of trading. The profit and earnings ratio also multiplied 300 times.

Branksome Crest
http://i5.photobucket.com/albums/y181/Genuine007/hk6b/060410076.jpg
http://i5.photobucket.com/albums/y181/Genuine007/060410_099s.jpg
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Now that's a nice-looking one. Who built that?

天比高豪宅呎價要六萬 (http://hk.news.yahoo.com/071211/60/2l59x.html)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Is that about former Skyhigh? There's an article in today's property about that....

^^
http://i5.photobucket.com/albums/y181/Genuine007/070529_048s2.jpg
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Aye, it no longer exists though - now in place sit 5 houses each estimated at HK$350m+, with 2 expected to fetch HK$400m at least.

Another look at it back in March ...
http://i5.photobucket.com/albums/y181/Genuine007/070327_021s.jpg
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

倚巒八號屋呎價4.5萬, 再度創出本港及亞洲區洋房呎價新高紀錄。

倚巒8號屋二手成交, 呎價4.5萬 超越所有一手洋房造價外，再度創出本港及亞洲區洋房呎價新高紀錄。

__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Who what when where how what now?

^^
Link (http://hk.news.yahoo.com/071217/60/2lhq1.html)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

倚巒十五號屋呎價5.5萬, 再度創出本港及亞洲區洋房呎價新高紀錄。 (http://www.singtao.com/yesterday/pro/1226ho02.html)

$55,491 /sqft
"Severn 8" House #15
HK$240m / 4,325 sqft
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

HK$55,491/sq ft!

Looks like someone was in the mood for giving this Christmas alright...!

HK$55,491/sq ft!

Looks like someone was in the mood for giving this Christmas alright...!

I heard that 周星馳 purchased a mansion at HKD$60,000/ sq. ft.

Who's that? I can't read Chinese...

HK$55,000+/sq ft is just over US$7,000/sq ft.

The One Hyde Park apartment/penthouse sold at US$9,600/sq ft (approximately, no one knows the actual figure). Nothing else, even in London comes close to that.

US$7,000/sq ft is up there with probably the highest of NYC and (rest of the best) of London though.

周星馳 is Stephen Chow

:cry: I can buy 0.12 sq ft as today how much in my bank

倚巒二號屋呎價5.68萬, 再度創出本港及亞洲區洋房呎價新高紀錄。 (http://hk.news.yahoo.com/080601/60/2uzk1.html)

$56,800 /sqft
"Severn 8" House #2
HK$285m / 5,021 sqft

:cry: I can buy 0.12 sq ft as today how much in my bank

That's smaller than you palm.
0.12 sq ft is about a little over 4 in by 4 in. :lol:

SHKP over Moon as Arch flat goes for Asian record
Hong Kong Standard
Wednesday, June 18, 2008

Sun Hung Kai Properties (0016) has sold a luxury flat at The Arch in West Kowloon for HK$41,000 per square foot, making it the most expensive flat sold in Asia.

The record-breaking property is Flat A on the 80th floor of Moon Tower, a source told Sing Tao Daily, sister publication of The Standard. It measures 5,497 sq ft and comes with a pool.

In July last year, SHKP sold a property with the same floor area on the 80th floor of Sun Tower for HK$33,500 per sq ft.

In April 2005, the property developer sold the then most expensive property - Flat A measuring 5,353 sq ft on the 77th floor of Sky Tower - for HK$31,300 per sq ft.

I was juz talkin to HKskyline about buying a house.... obviously not HK...
i mean.. working class people... how many years of mortgage do we need to pay...
anyways I actually went house hunting with my mom in the tst area, flats of 40 years of age, rennovated around 500sq ft sells at 3Mil...
not cheap at all...

大昌呎價5萬推山頂6洋房 每幢3.5億元 海嘯後最貴新盤 (http://hk.news.yahoo.com/article/090304/4/azqz.html)
http://i5.photobucket.com/albums/y181/Genuine007/hk8/080216c_056s.jpg
http://i5.photobucket.com/albums/y181/Genuine007/hk8/080216c_060s.jpg
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

普樂道十八號洋房 天比高 獨立屋三億元成交 (http://hk.news.yahoo.com/article/090610/3/cmv8.html)
~$300M (7,229 sqft ~ $41K/sqft)
創金融海嘯以來豪宅呎價新高。
http://i5.photobucket.com/albums/y181/Genuine007/070529_048s2.jpg
http://i5.photobucket.com/albums/y181/Genuine007/070327_021s.jpg
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

倚巒21號屋 (http://hk.news.yahoo.com/article/090611/4/cnie.html)
"Severn 8" House #21
HK$140M ( $46.980 /sqft)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

名鑄 The Masterpiece
全港最貴1房戶 賣2450萬 名鑄816呎全海景 每呎逾3萬 (http://hk.news.yahoo.com/article/090914/4/e7ut.html)
HK$2,450K for a one bedroom (816 sqft ~ HK$ 30K /sqft)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Yet this "Masterpiece" is surrounded by some quite run-down buildings that is far short of up-scale.

Sky high

Alfred Liu

Friday, September 18, 2009


In a bold act of defiance at economic troubles, a Hong Kong developer has upped the prices for two 4,000-square- foot penthouses to HK$300 million apiece.

That means Sun Hung Kai Properties (0016) wants a record HK$75,000 per square foot for the two penthouses atop The Cullinan, which will be Hong Kong's tallest residential building at 270 meters when completed early next year. In February SHKP asked HK$50,000 psf

Each penthouse, occupying the 91st to 93 floors, will have six bedrooms, swimming pools and gardens.

http://www.thestandard.com.hk/newsimage/20090918/5_2009091723145844869flat.jpg

And Victor Lui Ting, executive director of the Sun Hung Kai Real Estate Agency, is sure there will be takers from the mainland for the homes overlooking the harbor from West Kowloon.

Property analysts agree mainland buyers will snap up the penthouses - and other fancy homes in Hong Kong.

"Sun Hung Kai is capitalizing on the buoyant market sentiment," said Simon Smith, head of research at property consulting firm Savills (Hong Kong).

And mainland buyers of Hong Kong property always seem prepared to pay in cash, Smith said. The Cullinan is certainly looking attractive from across the border: mainland buyers have taken between 20 percent and 30 percent of the almost 400 flats sold at The Cullinan, according to Lui.

The demand is not confined to the lofty reaches there. A one-bedroom flat at The Masterpiece in Tsim Sha Tsui went to a local businessman for HK$30,025 psf earlier this month - a record high for the kind.

http://www.thestandard.com.hk/newsimage/20090918/6_2009091723145844869flat1.jpg

Local tycoons believe the surging demand is to be expected. "Only two to three properties are rising too high in prices," said Lee Shau-kee, chairman of Henderson Land Development (0012). "Some people are buying properties no matter how expensive they are. No need to fear, there are lots of rich people."

And Lui Che-woo, the chairman of K Wah International (0173), said people should consider buying properties at this market level if they have the cash to spare as inflation will come sooner or later.

Source: http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=88050&sid=25412748&con_type=3

300,000,000.00 HKD

=

38,706,980.281 USD

Yet they don't even face the skyline.

That's what I was thinking!

Still, it'd be very unlikely for anyone to actually MEET that price - it's just a negotiating position I suppose. They may make $60,000/sq ft though.

No, I [used to] work for PCPD... you may recall Cyberport/Bel-Air?? Yea... we just get to see these houses. :D I have a few pictures ;).

Are you allowed to release pictures by any chance?

300,000,000.00 HKD

=

38,706,980.281 USD

People can afford it.

天匯4.39億售出破紀錄 (http://hk.news.yahoo.com/article/091014/4/eom7.html)

創全球最貴分層豪宅新高 HK$71,280 / sqft

6,158 sqft --> HK$439m

天匯68樓A 面積6158呎，易手價4.39億元，折合每呎售價71280元。
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

Not just broken, absolutely shattered. And it will be again when the duplex penthouse suites are released.

Hong Kong Home Beats Record; Tsang Warns of Bubble (Update1)

http://www.bloomberg.com/apps/news?pid=20601087&sid=alZAqzOhjby0

By Chia-Peck Wong and Kelvin Wong

Oct. 14 (Bloomberg) -- Henderson Land Development Co. said it sold a duplex apartment in Hong Kong for a record price, hours after city Chief Executive Donald Tsang signaled the government may release more land to deflate a property bubble.

The apartment, on the 68th floor of Henderson’s 39 Conduit Road development, fetched HK$439 million ($57 million), or HK$88,000 a square foot excluding parts of the building shared by all residents, the company controlled by billionaire Lee Shau-kee said today. Henderson said it may ask HK$100,000 per square foot for two penthouses on the 88th floor.

Last year, the fewest apartments were completed since at least 1972. Prices, especially for luxury homes, have rallied in 2009 on record-low interest rates and an influx of money from China. The government is Hong Kong’s biggest provider of land and has altered supply to support or depress prices.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,” Tsang said in his annual policy address.

Tsang, 65, said his administration will closely monitor “market changes” and may direct the Urban Renewal Authority and subway operator MTR Corp., both controlled by the government, to bring readily-available building sites to market.

Tsang, Hong Kong’s leader since 2005, may be concerned the luxury-market boom will fuel wider price increases, Centaline Property Agency Ltd. analyst Wong Leung-sing said.

‘Social Issue’

“He’s more concerned whether mass-market housing prices would get pulled up by the momentum in the luxury market,” Wong said. “If that happens, it’ll become a social issue.”

Instead of changing the government’s land-sales system, Tsang is more likely to have the MTR speed up the sale of suburban land, Wong said. The MTR develops sites around its stations in ventures with developers and uses the proceeds to help pay railway construction costs.

The city’s Hang Seng Property Index, which includes six companies, climbed 1.6 percent today, taking this year’s gain to 66 percent. The benchmark Hang Seng Index rose almost 2 percent and has advanced 52 percent this year to a 14-month high.

Billionaire Owners

Hong Kong, where property companies owned by billionaires including Henderson’s Lee and Cheung Kong (Holdings) Ltd.’s Li Ka-shing account for about 10 percent of the benchmark stock index, stopped supplying new land in 2002 during a seven-year property rout. The government started a new system of land auctions in 2004, after prices stabilized.

Hong Kong brokers typically count a portion of the common areas when they price properties. On that basis, the price for the 6,158 square-foot (572 square-meter) home on Conduit Road came to the equivalent of HK$71,280 a square foot, according to Thomas Lam, Henderson’s general manager for sales.

One Hyde Park in London set the previous record of 6,000 pounds (HK$74,318 or $9,590) a square foot, Lam said at a press conference in Hong Kong today.

Sun Hung Kai Properties Ltd., the world’s largest developer by market value, last month raised the asking price of two penthouses in Hong Kong by 50 percent to a record HK$75,000 a square foot, including a share of common areas in the building, as demand surges for luxury apartments.

Housing completions in Hong Kong have been lower than initial government projections in the past two years. Builders finished 8,780 units, fewer than the forecast 10,980 last year, and 10,470 in 2007 against the forecast 12,740, the Rating and Valuation Department said in March. It then estimated completions at 14,740 for this year.

Policy Changes

Tsang announced policy changes aimed at promoting the redevelopment of old industrial buildings, which have fallen into disuse as companies use cheaper factories in China instead.

Hong Kong is determined to improve air quality and will promote the use of electric cars and energy-saving light bulbs, according to Tsang.

While Shanghai has been designated by China as a center for financial services and trade -- two of Hong Kong’s main industries -- the development of the two cities can be cooperative, Tsang said. For example, Hong Kong can help China develop its offshore yuan business.

Hong Kong’s economy will keep improving this year, Tsang said.

To contact the reporters on this story: Chia-Peck Wong in Hong Kong at cpwong@bloomberg.net; Kelvin Wong in Hong Kong at kwong40@bloomberg.net.
Last Updated: October 14, 2009 09:13 EDT

-------------------------------------

Hong Kong Apartment Sells for $56.5 Million

http://www.nytimes.com/2009/10/15/realestate/15property.html

By KEITH BRADSHER
Published: October 14, 2009

HONG KONG — Just hours after Hong Kong’s chief executive warned Wednesday that the city might be facing a real estate bubble, one of the city’s largest real estate developers announced that it had sold an apartment for 439 million Hong Kong dollars, or $56.5 million.
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Bobby Yip/Reuters

The developer of the "Conduit Road 39" building in Hong Kong announced that a 6,158-square-foot duplex apartment in the building has sold for $56.5 million.

The price per square foot set a record for Hong Kong, and the developer said it was not aware of a higher figure’s having been paid anywhere else.

The developer, Henderson Land, declined to disclose the buyer’s name but said it was a company registered in Hong Kong. The buyer’s representative spoke the local dialect with a strong mainland Chinese accent and appeared to be spending money earned on the mainland, a Henderson representative said.

As China’s economic recovery has gathered force this autumn, wealthy Chinese are pouring fortunes into Hong Kong real estate, producing a powerful surge in prices for luxury real estate. Hong Kong pegs its currency to the U.S. dollar and links its interest rates to American rates; with a flood of money pouring into local banks, adjustable-rate mortgages are available in Hong Kong for an initial rate as low as 2.05 percent, fueling real estate speculation.

Donald Tsang, the city’s chief executive, cautioned in his annual policy address Wednesday that the boom might not last.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,” Mr. Tsang said.

International comparisons of apartment prices per square foot are difficult because different locales have different conventions on how to count terraces, common areas and other features.

Hong Kong in particular has seen many controversies over whether developers have overstated the square footage of apartments and the value per square foot of often-complicated transactions.

Henderson Land said that the apartment on Hong Kong island, near the top of a skyscraper overlooking Victoria Harbor, was a two-story unit with five bedroom suites. It measures 572 square meters, or 6,158 square feet, and has a garden of 340 square feet, for a price per square foot of 71,289 Hong Kong dollars, including the garden. That measurement includes common areas like elevator lobbies that are partially allocated to individual units.

Most real estate markets use a narrower definition of square footage, excluding such common areas. Henderson Land said the price per square foot of usable area, a more common international measure, was about 88,000 Hong Kong dollars.

The apartment building has its own ballroom, outdoor swimming pool, fitness center and outdoor yoga room. Another unit on the same floor just sold for 397 million Hong Kong dollars.

Last month, a local businessman bought a one-bedroom apartment of 816 square feet at a luxury development across the harbor in Kowloon for 24.5 million dollars.

Hong Kong’s real estate market is unusual because the local government owns virtually all of the land and leases it to developers for periods of as long as 99 years. Each lease contains strict zoning rules governing the square footage of the building that may be erected, how the building may be used and other uses; changes to the lease typically require lengthy negotiations with the government, as well as very large payments.

Hong Kong has more than 1,000 old industrial buildings left from its days as a manufacturing hub before almost all of the factories moved across the border to mainland China in the 1980s and 1990s to take advantage of low-cost labor.

Because of a strict requirement that they be used by manufacturing companies, many of the buildings are vacant or serve as warehouses for manufacturers across the border even though the buildings occupy prime locations.

Mr. Tsang said Wednesday that his government planned to start allowing the conversion or redevelopment of these buildings, which have a combined floor space of 22,098,000 square meters, into commercial real estate.

Property values are a subject of almost daily speculation in Hong Kong, where half of residents own their homes and most of the rest live in subsidized or government-owned housing. Mr. Tsang pointedly avoided any suggestion that the buildings would be turned into residential real estate.

His predecessor, Tung Chee-hwa, tried to address Hong Kong’s chronic housing shortage and high prices by increasing leases to developers so as to increase the supply of apartments. The effort got under way just as the Asian financial crisis hit in 1997 and 1998 and contributed to a 68 percent plunge in residential real estate prices from 1997 until a trough in the early summer of 2003, near the end of a SARS outbreak.

Lau Siu Kai, the head of the central policy unit of the Hong Kong government, said at a news conference with foreign correspondents Wednesday afternoon that the government particularly wanted to use the nearly vacant industrial buildings to house companies from six industries that Hong Kong is trying to develop: education services, medical services, testing and certification, environmental industries, innovation and technology, and cultural and creative industries.

Some economists warn that if interest rates in the United States start to rise, real estate buyers here could be severely squeezed. Virtually all mortgages here are issued at floating rates pegged to banks’ prime rates, with no lock on the interest rate even in the first weeks of the mortgage.

Still, the record price set Wednesday is not likely to last long. The latest deal was for an apartment on the second-highest floor at 39 Conduit Road; the penthouse has yet to go on sale, with Henderson Land expecting to price it at 100,000 Hong Kong dollars per square foot.

Why Hong Kong is set to rein in property prices

http://img208.imageshack.us/img208/9413/hongkong277182gma.jpg
A luxurious residential building named Conduit Road 39 is seen from the Peak in Hong Kong. A five-bedroom duplex suite located in the building with as much as 6,158 square feet was sold Oct. 14 to an unidentified buyer from mainland China

Vincent Yu/The Associated Press

Susan Fenton and James Pomfret

Hong Kong — Reuters Published on Wednesday, Oct. 14, 2009 1:05PM EDT Last updated on Wednesday, Oct. 14, 2009 1:17PM EDT

Hong Kong could increase land supply in coming months to rein in property prices, Chief Executive Donald Tsang said, as a luxury flat sold for a world record, heightening concerns about a possible property bubble.

Developer Henderson Land Development said it had sold a deluxe duplex in the Mid-Levels district on the lower slopes of the city's exclusive Peak for the equivalent of $9,100 (U.S.) per square foot, setting a world record per square foot for an apartment and surpassing London prices.

Property prices in Hong Kong have surged 26 per cent this year, despite the economic downturn, amid low new supply and strong demand for luxury property from wealthy Chinese.

Hong Kong's government, which controls land supply, has not sold residential for a year and a half.

“The government will closely monitor market changes in the coming months. When necessary, we will fine-tune land supply arrangements ... with a view to quickening the pace of bringing readily available residential sites to the market,” Mr. Tsang said in his annual policy address to the Legislative Council.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble,” Mr. Tsang said.

Two 4,000-square-feet (372 sq metres) penthouses in a development on the Kowloon peninsula with views of the city's harbour, will be among the world's most expensive apartments if they fetch their price tag of nearly $38-million.


http://img208.imageshack.us/img208/3238/hongkongskyline277201ar.jpg
Vincent Yu/The Associated Press

The skyline seen from the Peak in Hong Kong. A five-bedroom duplex suite in a building named Conduit Road 39, with as much as 6,158 square feet, was sold Oct. 14 to a buyer from Mainland China

Hong Kong's currency peg to a weak U.S. dollar makes property attractive to foreign investors. The peg forces Hong Kong to track U.S. interest rates - which are expected to stay very low for some time - unlike South Korea, which has threatened to raise rates soon to stave off a property bubble.

Developers have been wooing millionaires from China with a slew of all-expenses paid property-viewing tours.

In September, a one-bedroom 590-sq-ft apartment in a downtown Kowloon district sold for just over $3-million.

“People are paying what I describe as trophy prices which don't bear any reality with what's happening within the economy,” said Nicholas Brooke, chairman of real estate consultancy Professional Property Services in Hong Kong.

Brooke said a London flat by the Thames would fetch £2,000 pounds ($3,200) per square foot, while an apartment overlooking New York's Central Park would go for $4,000 per square foot.

Money from new stock market listings and easy bank lending also allow Chinese to snap up luxury property, he said.

Broker Nomura estimates mainland Chinese now account for 11 per cent of Hong Kong property sales and warns of a bubble.

“Strong liquidity, low supply, strong external demand and aggressive mortgage lending are creating ideal conditions for another housing bubble in Hong Kong,” Nomura property analyst Paul Louie wrote in a report.

The city's last property bubble in the late 1990s burst with the 1997-98 Asian financial crisis, triggering a 70-per-cent plunge in apartment prices over six years that destroyed wealth and hurt the economy.

The sort of speculative buying of property seen in the late 1990s is not yet apparent, however.

Keith Yeung, property analyst at Mirae Asset Securities, said the market is similar to 2004-05 when prices surged 34 per cent in 2004 but gained just 6 per cent in 2005.

“The price increases will happen early in the cycle,” Mr. Yeung said. He expects prices to rise by just 5 per cent to 10 per cent next year as supply gradually improves and interest rates rise.


http://www.theglobeandmail.com/report-on-business/why-hong-kong-is-set-to-rein-in-property-prices/article1322935/

Hong Kong flat 'most expensive'
39 Conduit Road

http://img340.imageshack.us/img340/9858/465529640081181741.jpg
The most expensive flat is located in this building in Hong Kong

A wealthy Chinese buyer has snapped up a luxury Hong Kong apartment for $57m (£35m), thought to be a record price.

The five-bedroom home is believed to be Asia's most expensive property - with each sq foot costing $9,200.

The unidentified new owner bought the property in 39 Conduit Road, one of Hong Kong's most exclusive addresses.

The deal came as the territory's chief executive, Donald Tsang, said he was concerned about a possible property bubble emerging.

The apartment, about 6,000 sq feet (557 sq metres), was sold by Henderson Land Development.

It is on the 68th floor of the building and has views over the harbour. The owner has access to facilities including an aroma spa centre, a fitness room and an outdoor yoga gym.

Thomas Lam, from the company, said the building, offered "a chance to allow the elites in town to enjoy such prestigious property".

Another unit in the same building was sold for $51 million.

WORLD'S MOST EXPENSIVE HOMES
Fleur de Lys, Beverley Hills, US:
$125 million
Dunnellen Hall, Connecticut, US:
$125 million
Updown Court, Surrey, UK:
$110 million
Tranquility, Nevada, US:
$100 million
Eurasia, Moscow, Russia:
$100 million
Source: Forbes.com

In his annual policy address, Mr Tsang said the government was considering making more land available for development.

"The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble," he said.

Property prices in Hong Kong have benefited from mainland China's booming market, however it has one of the world's most expensive property markets - with many locals finding it difficult to buy.

Xavier Wong, head of China research at international property agency Knight Frank, told Bloomberg news: "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."


http://news.bbc.co.uk/2/hi/asia-pacific/8308491.stm

天匯半複式確認沽出 呎價6萬 創分層新高 (http://hk.news.yahoo.com/article/100924/4/kdzb.html)
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Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)

南區豪宅每呎6.2萬 創亞洲紀錄 (http://hk.news.yahoo.com/article/101203/3/ll67.html)
__________________
Buildings that don't get posted often (HK) Part I (http://www.skyscrapercity.com/showthread.php?t=211362) or here ( http://www.skyscrapercity.com/showthread.php?t=209576) | Part II (http://www.skyscrapercity.com/showthread.php?t=212436) or here (http://www.skyscrapercity.com/showthread.php?t=212435) | Part III (http://www.skyscrapercity.com/showthread.php?t=316338) | Part IV (http://www.skyscrapercity.com/showthread.php?t=366314) | Part V (http://www.skyscrapercity.com/showthread.php?p=13282175)
Artistic decorations inside and outside of the buildings (http://www.skyscrapercity.com/showthread.php?t=319077)