Thursday, June 19, 2008

HK Flat Fetches Highest Price In Asia

Source : The Straits Times, June 18 2008

HONG KONG - A LUXURY flat in Hong Kong has sold for HK$225 million (S$39.4 million), the most expensive apartment in Asia on a per sq ft (psf) basis.

TOP OF THE ARCH: The 80th floor penthouse has a private swimming pool and faces Victoria Harbour. -- PHOTO: SUN HUNG KAI PROPERTIES

The 80th floor penthouse, with a private swimming pool and a spectacular view of Victoria Harbour, sold for HK$41,000 psf, a report in the Sing Tao Daily said, citing an unnamed real estate source.

The 5,497 sq ft home, with its own roof-top terrace, is located in a new complex called The Arch, in Hong Kong's Kowloon area.

The development is close to a yet-to-be-completed office tower, the International Commerce Centre.

The new tower is luring multinational companies away from the Central Business District, where rocketing property prices have scared away even the world's richest firms.

The flat's price beat the record of HK$39,800 psf set last November by a larger apartment on Hong Kong Island, according to the report.

Hong Kong's property market has boomed in recent years, following a major crash during the Asian financial crisis in the later 1990s.

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