HK unit sold at record breaking price

Sep 28, 2010 - PropertyGuru.com.sg

Henderson Land announced that it has sold a flat at its 39 Conduit Road development located in Mid-Levels West for HK$60,000, which made it, in terms of price psf, the most expensive apartment in Hong Kong.

A house at Severn 8 on The Peak is still the most expensive residence in the city fetching a price of HK$60,215 psf in March.

Announcing the transaction on its website, Henderson said the flat was sold for HK$338.16 million on September 18. While the address of the duplex unit is on the 61st floor, it is actually located on the 38th and 39th floors of the controversial 46-storey project.

The company has been criticised over the manner in which it has numbered the floors of the project.

The unit has a gross floor area of 5,636 sq ft and saleable area of 4,318 sq ft, excluding the common area.

Henderson had offered only one concession to the buyer; the company will pay 50 percent of the stamp duty at approximately HK$718,000, while the buyer will complete the deal within 125 days, said a spokeswoman for the company.

"The price seems pretty reasonable, but is still on the high side," said a real estate agent. "The buyer has a lot of choices for this type of money."

39 Conduit Road was re-launched in August after authorities raided Henderson’s offices following the cancellation of units for sale at the project.

Henderson sold 24 units at the project’s launch in 2009, with one flat fetching a world record price of HK$71,280 psf.

However, the developer announced in June that 20 of the transactions had been called off, leading to accusations of market manipulation.