Selling at HK$56,843 per square foot, Dynasty Court on Old Peak Road has also set a record.
19 March 2018 - Fetching HK$151,785 per square foot in a tender offer, a house at No. 2 Mount Nicholson has made Hong Kong property market headlines for becoming the second most expensive home in Asia on a square foot basis. The 9,217 sq.ft Hong Kong property comes with a garden and a swimming pool, and neighbours the most expensive house in Asia.
Comprising detached houses and luxury apartments built over three phases, Mount Nicholson is no stranger to setting records: last November, a flat in Phase 3 of the development sold for HK$132,000 per square foot.
Another record sale has also occurred on Old Peak Road: a 2,287 sq.ft Dynasty Court apartment has sold for HK$130 million at HK$56,843 per square foot—the development’s most expensive transaction since it was completed in 1991.
This comes as the Demographia International Housing Affordability Survey named Hong Kong the least affordable housing market for the eighth year in a row. The price for houses, however, is expected to grow further due to limited supply, said Thomas Lam, head of valuation and consultancy at Knight Frank as quoted by the South China Morning Post.
And the upward price trend shows no sign of falling anytime soon, given the stability of the Hong Kong property market, accumulated wealth, conservative borrowing habits and Chinese investments.