Monday, 28 December 2015

Fact of the Day: Hong Kong's Most Expensive Flat

One of the show flats at 39 Conduit Road oozes with luxury
The address 39 Conduit Road in Mid-Levels is filled with controversy.

Built by Henderson Land Development and launched in 2009, it was this project that made the government realize how developers have numerous tricks to market their properties to unsuspecting buyers.

The developer in this case claimed to have sold a five-bedroom duplex flat on the "68th floor" of a 46-storey building for HK$439 million (US$57 million), making it US$9,200 per square foot, setting the record for the most expensive apartment in the world.

The building is not without controversy dating back to 2009
How could a building that had 46 floors have a flat on the 68th floor? It just made up the numbering because the Chinese don't like the number four. And it was also found "buyers" put in offers and somehow the deals were completed before the three-month completion period, and all but four transactions, including the record-setting sale, were later cancelled.

Henderson Land claimed the buyer of the record-breaking flat bought six units, while a newspaper reported from an unnamed source that all 24 flats were bought by one buyer through a shell company.

It was just a way to hype the property -- but to the extreme.

Severe criticism pushed the government to set better guidelines on how developers market flats, that they need to give more accurate information for buyers.

Us plebians can only dream of what it's like to live up here...
The building is back in the news today because the duplex on the 46th floor that is 5,732 square feet sold for HK$594.76 million, or HK$103,761 per square foot, the most expensive in Hong Kong and Asia. The duplex comes with a 1,754 square foot roof.

The deal was confirmed on December 24, though the original selling price was HK$646.48 million.

It now eclipses the latest sale at Opus Hong Kong that previously held the title of having the most expensive flats in Asia.

It's interesting Henderson Land is still able to sell the flats at 39 Conduit Road despite all the controversy -- and at record prices. Or maybe the uber rich don't care about these things...

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