Hong Kong Sets A New World Record For Luxury Property Prices. Again.

Fancy a five bedroom luxury duplex overlooking Hong Kong's Victoria Harbour?

If you do, that will set you back a cool $439 million Hong Kong dollars. That's just under US$56.7 million dollars for a 6,158 square foot apartment.

That works out at around HK$71,280 (US$9,198) per square foot.

The flat in question is on the 68th floor of this building: '39 Conduit Road', Mid-Levels, Hong Kong. The numbers above present a new world record for the most money ever paid for a duplex anywhere in "the entire Solar System", (thank you Mr Hemlock). The previous world record was set by 'One Hyde Park' in London.

The weather was a bit murky as I followed the 'morning trail' on Lugard Road, Victoria Peak to take these shots this afternoon. The top three photographs above were taken through a grotty and humid mist and air pollution combo.

Unlike the above handout photo of the view from top of '39 Conduit Road', which I was sent by Henderson Land's PR firm this afternoon. It was taken back in July when the weather was delightful.

But I digress. Back to the business side of things. According to various media reports, the flat on the 68th floor was purchased by a client who spoke Cantonese with a 'with a strong mainland accent'. It seems the flood of hot money into Hong Kong from the mainland is continuing unabated. This, along with low interest rates and cheap mortgages, is making the city's property prices surge like never before

Essentially what I think we have here are mainland tycoons paying insane prices for giant shoeboxes in the sky, so that they can boast to their mates back home that they own the most expensive property per square foot in Hong Kong. Or am I getting it completely wrong?

What financial crisis? What economic downturn? What recession? Please tell me if I am missing something...


All images and text © Alex Hofford / Image Solutions Ltd. 2011 | Web design in Hong Kong by Ugli © 2011