Biggest property deal in Asia: Hong Kong apartment sells for Dh241m

A roof-top apartment in Hong Kong was sold for Dh241.46 million (HK$509.6m), topping the list of the biggest real estate deals in Asia.

Swire Properties sold the last unit at Opus Hong Kong in Mid-Levels for HK$509.6m, the South China Morning Post newspaper said.

The sale was made even though there were growing warnings by investment bank analysts that Hong Kong is heading for a home price correction in 2016.

The newspaper reported that the 5,444 per square feet (psf) unit sold on Tuesday was located on the 12th - top floor of the Opus Hong Kong and includes two car parking spaces and a 1,508 psf roof top. The price translates to HK$93,608 psf, which makes it the second most expensive in Asia in per square foot terms.

“This transaction underscores our earlier estimate that the high-end and super-luxury sector will buck the downward pressure on the overall market and continue to grow into next year,” Sammy Po Siu-ming, chief executive at Midland Realty’s residential department, told the newspaper.

“We estimate overall property prices will fall between 3 per cent and 5 per cent next year, but the high-end sector to grow 5 per cent to 10 per cent. Turnover of the high-end sector is also expected to rise by 20 per cent.

Earlier this month, the developer sold another Opus unit for HK$387.1 m  or HK$75,429 per square foot.

However, the sale in June of the 5,188 square feet duplex flat topped on the chart of per square foot sale with HK$95,971.

In October 2015, Emirates 24|7 reported that a unit in The Address Downtown Hotel (Lake Hotel) in Downtown Dubai was sold for Dh17.20m, or Dh6,250 psf in August 2015 – making it the costliest deal per square foot in the first nine months of 2015.

Read: Costliest property deal: Dh6,250 psf for Downtown Dubai apartment

Currently, Omniyat Properties is seeking Dh181m for a penthouse in its Dh2-billion tower on the Palm Jumeirah, making it the most-costliest apartment up for sale in the emirate. The unit was listed in August 2015 on the developer’s website.

Read: Dubai's costliest flat: Dh181 million @ One on Palm Jumeirah

Property prices in Dubai are far cheaper than Hong Kong, but offer gross rental yields of 7.21 per cent compared with the latter, which offers only 2.82 per cent.

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