Hong Kong Developer Sets World Price Record for Condo

by Maggie Chandler on October 15, 2009

in Uncategorized

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Global Edge reports that a Hong Kong property developer has sold an apartment for a world record price of HK$71,280 (US$9,200) per square foot less than three months after the territory emerged from recession. Henderson Land sold the property on Hong island for HK$439m (US$56.6m) to a buyer from the Chinese mainland.

The biggest factor behind the record breaking price is limited land supply. The government owns all the land in Hong Kong according to the FT, and releases plots for auction from a pre-approved “application list” only after a developer’s offer triggers a closely guarded reserve price. “If you want to maximise the value of land you don’t sell any – or at least very little,” says one local property executive.The Hong Kong government strenuously denies it enforces a “high land-price policy” and the territory’s chief executive Donald Tsang has hinted he will take steps to prevent another property price bubble. Read the rest of this post

Vancouver’s most expensive condo sold (on MLS) was at Cascina , 590 Nicola (Waterfront Place) on Coal Harbour’s waterfront. The 24th floor is 3,970 sqft and sold in 2006 for $7,250 (1800 psf). A condo at One Harbour Green, 1169 W. Cordova also sold in 2006 for $5,900,000 for 2500 sqft, plus the most amazing outdoor patio I’ve ever seen – 3700 sqft fully landscaped, featuring a fireplace, covered dining area, bbq, raised sundeck, pond/water feature. Stunning and totally unique! This beauty sold for $2360psf. Currently selling in Three Harbour Green , the last of Coal Harbour’s waterfront and they are acheiving over $2,000 psf. (excluding taxes).

In fact the MLS only shows 15 vancouver condos that have sold over $5 million. Eight of them were under $6 million( 3 of them sold this year, one sold in 2008, one sold in 2007 , 2 in 2006 and one in 2002). five were between $5 and $7 million (these sold from 2004 to 2009) and 2 were over $7 million (these sold in 2005 and 2006). 50% of them sold in 2006 and 2009. Average selling price is $2,076 psf. and the average size is 3,000 sqft.

The Hong Kong sale makes Vancouver seem cheap, on an International scale.

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WELCOME! And thanks for checking out my site, and wanting to know a little bit about me. I LOVE what I do, and that’s helping home buyers and home sellers in the waterfront condo neighbourhoods of Vancouver and I’ve been doing just that for nearly 30 years, so I’ve really gotten to know this market like the back of my hand. In fact I’ve seen Vancouver’s neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the West End and now the Olympic Village being built and I have an in depth knowledge of these neighbourhoods. My interest in Vancouver’s history combines with my interest in the changes and growth of its waterfront neighbourhoods. If you see me walking on the seawall, playing tennis or boating, say hello! The city of Vancouver and its neighbourhoods of Coal Harbour, Downtown, Kitsilano, False Creek North, the Olympic Village and the West End have been put on the world map with its dynamic growth, international immigration, hosting the 2010 Winter Olympics, amazing world class restaurants, geographical beauty and quality of life. Consistently voted the Best City in the World to live, you can find great shopping, sports and entertainment in Vancouver. I assist first time and trade up home buyers, investors and vacation home buyers, as well as first time and trade up home sellers, investors and vacation home sellers with the purchase and sale of houses, townhouses and condominiums. I come armed with stats and graphs and an extensive knowledge of market activity, with attention to detail that will give you piece of mind that I’m working in your best interest, I am a hard working, detail oriented, diligent individual with strong interpersonal skills, patience and a high level of integrity . My goal is to make the home buying and the home selling a fun trip with low stress and I use today’s technology to make every real estate transaction as smooth as possible by clearly answering your questions, providing expertise and offering a savvy opinion. Providing trustworthy real estate services in the Vancouver area for over 30 years

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