Most expensive property in Asia?
How much would we pay for a home? Well, it depends on how much our wealth is, right? Perhaps a few million ringgit is very common here in the luxury hotspots in Damansara Heights maybe. However, what about RM50 million? RM100 million? Or as the title says, RM238 million? Nope, the price is not for one whole development yeah. It’s for ONE unit. The city is Hong Kong and the developer is one of the big brothers of property development in Hong Kong. Happy finding out a bit more.
Article in freemalaysiatoday.com Hong Kong tycoon Victor Li’s CK Asset Holdings Ltd sold a luxury apartment for a record-breaking HK$459 million (US$59 million). This is the price for a five-bedroom apartment at the 21 Borrett Road project spanning 3,378 square feet. It translates into HK$136,000 (RM70,852) per square foot, sale materials show. According to Bloomberg Intelligence, this is the most expensive apartment in Asia. Do read the full article here yeah. Article in freemalaysiatoday.com
Oversupply and Empty Units still do not mean dropping prices
Many times, when the property prices have gone up, it would stay there even if there is a so-called oversupply of units. It will be a game of how long these owners could hold on. We need to remember that even assuming there is so-called oversupply and there are many empty units with owners, the prices need not be dropping yeah.
When it comes to the super-wealthy, any so-called pressure would not affect them from external is unlikely to affect them. The only thing which could affect them would be if they themselves are in financial trouble. Else, these super expensive purchases in our definition will still continue to happen and very soon even this most expensive property in Asia will be broken again and again.
This is why in some markets, the last option for the government is to charge vacancy tax to owners who left their units empty. Then, hopefully they could use these tax earnings to build some homes for everyone in need of a home but just could not afford the properties. Thsi would continue to happen unless the situation prolongs until some of these owners could no longer hold on and start selling at lower prices. This is why waiting may be a very long game. It’s best to be on the lookout for a good property instead.
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