It’s a commonly known fact that Hong Kong has the most expensive apartments in the world, so much so that the extravagant price tag of a nice Hong Kong home can most likely fund an entire castle in Europe.
One such example this year is the HK$498,888,000 a buyer paid for a 4,266 sq. ft. unit at the prestigious Mount Nicholson property on The Peak (which now boasts three of the most expensive flats in Asia — including units sold for HK$600 million and HK$560 million in 2017).
That may pale in comparison with the HK$2.1 billion a Shenzhen mogul paid for 15 Gough Hill last year, a controversial transaction where he spent a combination of cash and the transfer of a commercial property in Shenzhen. And this was after he reportedly deemed a previously bought HK$380 million unit at the Frank Gehry-designed Opus Hong Kong to be “too tiny.” Last year, a 1,361 sq. ft. apartment on Severn Villa on The Peak also sold for HK$232 million.
Thankfully, these crazy prices seem to remain isolated cases in Hong Kong. As James Fisher, property listing platform Spacious.hk’s Director of Market Analytics tells us, “There are many people who question the purpose of these big ticket house purchases as a tactic to get money out of the mainland.” He adds, “Given the mainland government’s new restrictions on overseas property purchases established in mid-2017, these seemingly without comparable transactions may be a thing of the past… for now.”
But that doesn’t mean prices won’t continue to rise next year. (Sadly for those looking to buy, it looks like it will). Fisher says, “Overall, 2017 was a strong year for Hong Kong property pricing with most indices showing 10–15% price appreciation during the year. I think it’s better to compare units that are more like-for-like, for example the Mount Nicholson development has seen strong increases in price per square foot in 2017 compared with 2016. Most new developments launched in 2017 also saw pricing strengthen throughout their phased launches. Both are signs of strong demand.”
To have a look at what the ultra-wealthy are spending their money on in the local property market, we did a little digging through data from Spacious.
Omitting a few skyrocketing price tags that all concentrate in The Peak, the Mid-Levels and Southside (if we did, Mount Nicholson would dominate, making for a very one-dimensional rear), we’ve rounded up the most expensive homes sold throughout Hong Kong Island, Kowloon and the New Territories in 2017 below.
1) Mount Nicholson
The Peak’s Mount Nicholson takes the crown with the most expensive apartments sold in Hong Kong this year, thanks to two sensational sales. One deep-pocketed buyer reportedly purchased two units in the same day: a HK$560 million four-bedroom unit (HK$132,000 per sq. ft., making it the second most expensive home in Asia) and the unit next to it: a HK$600 million flat measuring 4,579 sq. ft. (HK$131,000 per sq. ft.).
2) 39 Conduit Road
Holding the previous record for highest home price, a 4,971 sq ft unit at the prestigious address of 39 Conduit Road in the Mid-Levels West area sold for HK$522 million in October — with the price per sq. ft. at an eye-popping HK$105,009. The buyer was also given a total of three residential parking spaces.
3) No. 56 Repulse Bay Road
Even for a 23-year-old building, with sweeping sea views at one of the most esteemed neighbourhoods in town, it’s not hard to understand why a unit at 56 Repulse Bay Road sold for HK$72,491 per sq. ft, totalling to HK$190,000 for a 2,261 sq ft unit.
Also located in Mid-Levels West, the Altamira is nestled high above Sai Ying Pun on tranquil Po Shan Road, meaning you get uninterrupted views of the city below as well as The Peak above. A 2,206 sq. ft. flat sold for HK$135,210,000 this year, placing the price per sq. ft. at a whopping HK$61,292.
5) The Cullinan
At HK$63,964 per sq. ft., a unit sold at The Cullinan, perched on top of Elements Mall, is one of the priciest over on Kowloon side for its size. Notwithstanding the seemingly perpetual construction site around the West Kowloon area that it looks over, higher floors get stunning sea views and a perfect vantage point for fireworks displays, achieving this luxury price tag of HK$94,730,000 for a comparatively modest 1,481 sq. ft. apartment.
Moving back over to Hong Kong side, a 2,575 sq. ft. apartment in Caine Road’s Alassio was sold for HK$150,600,000, putting the price per sq. ft. at HK$58,485. If the 1,650 sq. ft. duplex show unit is anything to go by, it’s no doubt exceptional, with the duplex already coming with luxe features such as a private rooftop swimming pool, and 606 sq. ft. of outdoor space, and that’s not even counting the harbour-facing balcony.
7) The Upton
Shek Tong Tsui’s The Upton may have sold a 3,451 sq. ft. duplex unit for more at HK$188,000,000 in July, but its price per sq. ft. is at a comparatively lower HK$54,477. With Canto-pop star Nicholas Tse as its face, the trendy luxury apartment boasts sea views with its floor-to-ceiling windows, as well as an iconic facade featuring ribbon-like undulating lines.
8) The Ultima
Prized for its prestigious school network, easy transportation as well as homes reportedly coming with Gaggenau appliances, Ho Man Tin’s The Ultima Phase One snags a spot on this Hong Kong Island-dominated list with a 2,029 sq. ft. duplex unit sold in August for HK$102,296,000 (that’s HK$50,418 per sq. ft.).
Surrounded by the seaside, country clubs and boating lifestyle, it’s not surprising that a 2,788 sq. ft. Garden House unit at the Marinella sold for HK$139,400,000, or $50,000 per sq. ft. — just for the privilege of living right at the edge of the water.
A skyscraper perched high above Happy Valley, the Highcliff is the tallest all-residential building in Hong Kong, and alongside nearby The Summit, they’re commonly referred to as ‘the chopsticks.’ For that kind of high life, HK$133,800,000, or HK$48,850 per sq. ft. on a 2,739 sq. ft. apartment seems an apt price tag.