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Hong Kong's Most Expensive Apartment Ever Sold

Tara Loader Wilkinson

29 August 2012

A buyer has reportedly paid a staggering US$61 million for an apartment in an iconic new development on Hong Kong's prestigious Peak, setting new records in the city already known for its eye-watering real estate prices.

The 6,200 square foot apartment, one of the twelve sold as part of the Opus development, was created by Canadian prize-winning "starchitect" Frank Gehry and developed by Swire Properties. Completed in March, the unusual-looking development with its undulating glass facade inspired by a helix, has been eagerly discussed.

Swire refused to reveal prices during the launch period, but analysts have said that the price paid is the highest ever in Hong Kong, according to a report in the Wall Street Journal. With prices at nearly US$100,000 per square foot, it is the highest ever paid in Asia and the second highest in the world, after London's One Hyde Park.

Swire declined to comment on the Opus purchase or the property’s leasing progress to date.

“We are delighted to be the first to bring Frank Gehry’s groundbreaking architecture to China,” said Martin Cubbon, chief executive of Swire Properties, at the time of launch. “We knew that Frank Gehry, with his unorthodox and inventive design concepts, could help us create an outstanding new landmark for the city."

Located at 53 Stubbs Road, Opus is a sculptural 12-storey building comprised of two double-level garden apartments and 10 apartments of some 6,000 square foot, each unique in design and occupying an entire floor of the building.

Each has views of the lush green forest on one side and the harbour on the other. The building features finely-tuned glass-enclosed columns twisting around the building, "like reeds swaying in a breeze", said Swire.

Since 2011, the cost of renting luxury housing has jumped 15 per cent in Hong Kong, where it now costs over $11,800 to rent an unfurnished, three-bedroom apartment in a prestigious area, according to human resources consultant ECA International.