Hong Kong has been known for its high property prices. An apartment located in the highest neighborhood of Hong Kong has created a new record by fetching a price of $61 million and made it the most expensive address. The apartment is situated in a new building called Opus which is renowned architect Frank Gehry’s first creation in Asia. The building has a peculiar exterior with winding glass clad columns on all sides. The unit in question is spread over 6,200 square feet and the price paid for it makes it the highest price per square foot ever paid in Asia and next only to the price of London’s number one Hyde Park. The construction of the building was completed in March but the developers of the project, Swire Properties had been confident from the very beginning that the building will set new records.
Opus Hong Kong: Most Expensive Building
Experts from the industry believe that the high price was achieved because of the architect Gehry’s name was associated with it. The developers had positioned as a masterpiece and sold it like an artwork. The 12 story building features only a dozen apartments and the developers had planned that instead of selling them they would simply lease them. The Swire Properties’ spokeswoman explained that the company policy is still the same but at the same time they would be considering exceptional offers. The company is yet to confirm the sale officially but the value of the apartment became evident when an apartment in the building was recently leased for $110,000 recently.
The government in Hong Kong has been doing its best to control the price of real estate in the city and discourage speculation. John Tsang, the Financial Secretary of the city has been warning against the possibility of a bubble emerging. The average cost of renting a three bedroom house in a decent neighborhood is over $11,800 which is 15% higher than last year. The lack of affordable housing has become a cause of local anger in the city. Measures taken by the government have not succeeded completely due to the influx of mainland buyers who have been pushing the prices up. However, it will be difficult to match the price of Opus by other real estate projects as their architects are not considered artists.
Via: blogs.wsj, opushongkong
