Key facts
- CK Asset Holdings sold a penthouse in Hong Kong's Mid-Levels for US$46.2 million.
- The sale achieved a record price per square foot for first-hand transactions this year.
- The penthouse is located at 21 Borrett Road and spans 2,911 square feet.
- The unit was sold for HK$124,356 per square foot.
- CK Asset attributed the sale to geopolitical uncertainties and scarcity of ultra-luxury residences.
Hong Kong billionaire Li Ka-shing’s property developer CK Asset Holdings has sold a penthouse at its 21 Borrett Road development in Mid-Levels for HK$362 million (US$46.2 million). The sale set a new per square foot price record for first-hand transactions this year, reaching HK$124,356 per square foot for the 2,911 sq ft unit.
The penthouse features a floor-to-floor height of 3.5 meters and a five-bedroom layout. William Kwok, chief manager of sales at CK Asset, stated that lingering geopolitical uncertainties, such as the US-Israel war on Iran, are prompting investors to diversify assets. He also noted the steady upward trajectory of the Hong Kong real estate market and the scarcity of newly completed ultra-luxury residences, which are attractive to mega-investors.
This transaction follows a series of deals in the super luxury market, defined as homes worth HK$100 million or more, underscoring robust demand for high-end residential properties in Hong Kong.