A new luxury apartment found in The Peak district has hone for around S$22993 per square foot. This is a new record when it comes to square footage terms for the most expensive real estate market at this particular time. Yes, this is a huge price, and it really goes to show that there’s plenty of demand for high end real estate in HK.
That being said, the apartment has around 4242 square feet, it’s a part of the Mount Nicholson project and it had a total cost of S$97,5 million. That’s a ton of money to be honest, and the buyer is undisclosed at the time. The development we mentioned above has multiple projects, they have 19 detached houses, as well as 48 flats. All of these were created in a total of 3 phases of construction.
This isn’t the first time when you can see such massive prices on the market. But it’s easy to understand why the prices appear. The market is growing in HK and there are lots of customers coming to The Peak district in particular. The high end experience, stunning amenities and just about all the features you want delivered in a single place does make the location a stellar one for real estate investment. Sure, it may not be wise for some people to pour so much money into an apartment, but the reality is that there are lots of investors ready to bring in front a good amount for something like this.
Poor people are forced to live in coffin homes which are less than 75 square feet. However, the high end market does grow all the time, especially when some locals and even people from outside the country can afford these prices.
Even the authorities have tried to cool the prices down, and they did create a Starter Homes report. This is a measure designed to help the middleclass families. But the sky is the limit when it comes to the more expensive real estate options presented here. There’s definitely a market for something like this, so we can imagine that they will continue to sell very well. Whether the price per square foot will become an even higher one, that’s hard to tell. But new records are set on the HK market all the time, so that wouldn’t be very surprising.
If you would like to learn more about this high end apartment that was sold in a sky high price, visit the url below,
http://www.straitstimes.com/business/property/hk-apartment-at-the-peak-sets-new-psf-record-price-of-22993
The prices for Singapore Condo has been quite stabilised for the past few years though it has started showing signs of gradual increase. It might be a good time now to invest in one that is sold directly from the developer. Below are some new launch condos that you can consider
