Asia record-breaking sale in 39 Conduit Road at HK$93,000 per sqft.

Posted: Apr 6 2015Last Updated: Apr 6 2015

6 April 2015 - A unit at 39 Conduit Road was recently sold for a whopping price of HK$433 million, with the price per sqft. amounting to HK$93,000. This supersedes the HK$82,000 price per sq.ft. record set by Swire Properties’ Opus Hong Kong and throughout Asia in 2012. 

Developed by Henderson Land Development, the luxurious unit is a 45th-floor, 4,664 sqft duplex with terrace. Although it was sold at a higher price of HK$439 million in 2009, the lower stamp duty rate at the time resulted in a lower price per square foot.

The buyer is confirmed to be a non-Hong Kong resident and therefore the stamp duty payable represents a total of 23.5%, which means the buyer will have to pay over HK$100 million in stamp duty expenses.

Opinions are mixed regarding the city’s record-breaking transaction. Some urged the government to review the current market-cooling strategies while others doubted the truthfulness of the sale. A SCMP reader recently commented online, saying Henderson had a tracked record of tricking consumers with fictitious transactions so as to boost sales.

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