Five-Bedroom Luxury Duplex In City’s Mid-Levels Area Sells for US $57 Million
The world's most expensive apartment was recently sold in this building for 57 million US dollars
We’ve written before about the Hong Kong real estate market’s relatively fast rebound in the face of the global economic downturn, with exclusive properties like The Masterpiece attracting the attention of well-heeled mainlanders and Hong Kong residents alike. This week, an apartment in Hong Kong’s Mid-Levels area sold for a record-breaking HK$439 million, or around US$57 million, and analysts expect a continued flow of money into the city’s luxury real estate markets as cash-rich individuals look to take advantage of the Hong Kong government’s recently lowered interest rates and the city’s appeal as an investment haven.
Today, the AFP writes on the recently sold duplex, noting that the massive flood of mainland money coming into the market is exciting developers but worrying some economists who think this year’s 40% leap in the luxury property sector portends that a property bubble could be forming:
“You may see some more record-breaking prices in the luxury segment,” said Buggle Lau, chief analyst for Midland Realty.
“We have all the ingredients for a bubble coming up… With low interest rates and ample liquidity people are inclined to put their money into real estate.”
Demand from mainland Chinese investors looking to diversify their new-found wealth and snap up trophy property assets was also likely to buoy the market, said Savills’ head of research Simon Smith.
“There is quite a lot of momentum out there. If you look ahead there’s a chronic undersupply of residential units for luxury and the mass market,” he added.
Posted in Business, China, Investment, Luxury
Tagged China, hong kong, Investment, Luxury, mainland, mid-levels, property, real estate, SAR, the masterpiece
The Masterpiece Looks To Become One Of The City’s Most Exclusive Residential Towers
Apartments at The Masterpiece feature breathtaking views of Hong Kong -- and have price tags to match
The Standard today profiles the Masterpiece, a luxurious residential tower in Hong Kong’s Tsim Sha Tsui district. Even in a city like Hong Kong, which is no stranger to extravagant residential towers, the Masterpiece stands out:
The exceptionally spacious apartments, featuring a floor-to-floor height of 11 feet and two inches, have a neutral interior that creates a warm and harmonious ambience.
The motto for the bar is if you have got it, flaunt it, and the wine cellar that is at the heart of it is the perfect showcase for your French and other vintages to relatives, friends and colleagues.
The master en suite bedroom continues the neutral-hued design. An atlas feature on the bedroom wall exudes a cosmopolitan feel, and the walk-in closet offers storage aplenty while the full-length mirror deepens the sense of space.
The other bedrooms also exhibit well-thought-out designs. One of them features a Japanese feel that continues the cosmopolitan theme.
The New World Development and Urban Renewal Authority joint development offers a plethora of leisure and shopping spots at your feet in the form of the recently built, six-story K11 mall below.
The exclusive clubhouse offers plenty of indoor and outdoor facilities to ensure your work-life balance, and the sky garden is an urban oasis amid the hustle and bustle of city life.
With a Tsim Sha Tsui MTR exit just across the road from the building, the Masterpiece combines luxury, style and convenience in one of the most desirable addresses in town.
Posted in Business, China, Economy, Investment, Luxury
Tagged China, hong kong, Investment, Luxury, real estate, the masterpiece, tsim sha tsui