Hong Kong penthouses on sale for €26m

Two penthouses in Hong Kong were each put on sale for a record €26m, a developer said today, as demand from wealthy Chinese buyers has sent prices in the city soaring.

Sun Hung Kai, the world's largest developer by market value, said it raised the asking price by 20% for the 4,000 square feet penthouses on top of the Cullinan twin towers, Hong Kong's tallest residential development.

The properties will be the city's most expensive apartments if they are sold at the 300m Hong Kong dollar asking price, which translates into 75,000 dollars per square foot.
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Buyers from Hong Kong, China and overseas were reported to have shown interest in the units in recent months. The penthouses, on the 91st to 93rd floor of the 270-metre towers, have their own outdoor garden and swimming pool.

Until now, Hong Kong's most expensive flat per square foot is a 5,497 square feet unit on the 80th floor of The Arch in Kowloon, another development by Sun Hung Kai. It was sold for 225 million dollars, or 40,931 dollars per square foot, in June last year.

Prices in the city's luxury market have been largely driven up by super-rich Chinese who tend to target new, top-end properties, as the Chinese economy has picked up in recent months.

Chinese buyers purchase in Hong Kong as an investment as well as a means to obtain residency in the city, which requires an investment of at least 6.5 million dollars.

Earlier this week, a buyer paid a 24.5 million dollars, or 30,025 dollars per square foot, for an apartment in the Masterpiece luxury development in Tsim Sha Tsui district, making it the most expensive one-bedroom flat in town.