20 October 2014 - A penthouse unit at The Arch in Kowloon Station was recently transacted for HKD528.8 million (86,348 per sq. ft.), making it the most expensive luxury apartment in Asia. It beats the record set by “Opus Hong Kong” in Mid-Levels East earlier this year. The transacted duplex at the top of Sky Tower, features a private rooftop with swimming pool that enjoys open views of Victoria Harbour. The unit (combined A, B & C) is sized at 6,124 sq. ft. (saleable). Apple Daily reported that no one has lived in the unit during the last 3 years.

 

According to The Land Registry, both the buyer and seller signed the provisional agreement for the transacted unit last month. The name of the buyer is Chan Wai Man. While the unit’s original owner, Li Jiamin is a young Huizhou woman. It is said that her husband bought her the unit for HKD344.88 million as a gift in 2011. The first mortgage loan was obtained from HSBC while the second mortgage loan amounted to RMB60 million plus HKD180 million from a Hong Kong investor.

 

Li enjoys a handsome profit of HKD184 million through the transaction.

 

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