HONG KONG – In what could be a record, a Hong Kong apartment sold for almost $57 million during a recession!
The five-bedroom duplex suite is in a building called “Conduit Road 39”. The 6,158 square foot apartment was sold to an unidentified buyer from mainland China.
At a price tag of almost $9,200 per square foot, it may be Asia’s most expensive property!
The building includes a fitness room, outdoor yoga gym, aroma spa center and grand harbor views.
It is feared that the sale is another indication of a bubble forming in Hong Kong’s real estate market, where the global recession seems to have had little effect on high prices.
Hong Kong’s leader, Donald Tsang, said, “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.”
Considering almost 50% of the city’s residents live in subsidized housing, the sale also indicates a rapidly increasing gap between the working class and ultra wealthy.
However, the price tag may soon be surpassed, as the building’s top floor apartment has yet to go on sale. It is expected to fetch over $12,000 per square foot!
Overall I have to agree with this. Last week when I was browsing at Target I had a very similar problem. I eventually to purchase it.