Hong Kong Developer Sets World Price Record for Condo
October 15th, 2009 Categories: Real Estate
Global Edge reports that a Hong Kong property developer has sold an apartment for a world record price of HK$71,280 (US$9,200) per square foot less than three months after the territory emerged from recession. Henderson Land sold the property on Hong island for HK$439m (US$56.6m) to a buyer from the Chinese mainland.
The biggest factor behind the record breaking price is limited land supply. The government owns all the land in Hong Kong according to the FT, and releases plots for auction from a pre-approved “application list” only after a developer’s offer triggers a closely guarded reserve price. “If you want to maximise the value of land you don’t sell any – or at least very little,” says one local property executive.The Hong Kong government strenuously denies it enforces a “high land-price policy” and the territory’s chief executive Donald Tsang has hinted he will take steps to prevent another property price bubble. Read the rest of this post
Vancouver’s most expensive condo sold (on MLS) was at Cascina , 590 Nicola (Waterfront Place) on Coal Harbour’s waterfront. The 24th floor is 3,970 sqft and sold in 2006 for $7,250 (1800 psf). A condo at One Harbour Green, 1169 W. Cordova also sold in 2006 for $5,900,000 for 2500 sqft, plus the most amazing outdoor patio I’ve ever seen – 3700 sqft fully landscaped, featuring a fireplace, covered dining area, bbq, raised sundeck, pond/water feature. Stunning and totally unique! This beauty sold for $2360psf. Currently selling in Three Harbour Green , the last of Coal Harbour’s waterfront and they are acheiving over $2,000 psf. (excluding taxes).
In fact the MLS only shows 15 vancouver condos that have sold over $5 million. Eight of them were under $6 million( 3 of them sold this year, one sold in 2008, one sold in 2007 , 2 in 2006 and one in 2002). five were between $5 and $7 million (these sold from 2004 to 2009) and 2 were over $7 million (these sold in 2005 and 2006). 50% of them sold in 2006 and 2009. Average selling price is $2,076 psf. and the average size is 3,000 sqft.
The Hong Kong sale makes Vancouver seem cheap, on an International scale.
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