<div id="readability-page-1">Hong Kong billionaire Li Ka-shing’s flagship property developer CK Asset Holdings has sold a penthouse mansion at a luxury development in Mid-Levels in Central for HK$362 million (US$46.2 million), setting a per square foot price record for first-hand transactions this year. The 2,911 sq ft unit on the 20th floor of the second phase of 21 Borrett Road went for HK$124,356 per square foot via public tender, according to a statement from the developer on Sunday. The unit that was sold “boasts an expansive floor-to-floor height of 3.5 metres, configured in a premium five-bedroom with three ensuite layouts,” according to CK Asset. The sale of the unit comes amid “lingering uncertainties” due to the US-Israel war on Iran, which is driving investors to diversify assets, said William Kwok, chief manager of sales at CK Asset. “With the Hong Kong real estate market showing a steady upwards trajectory, newly completed ultra-luxury residences remain exceptionally scarce, naturally becoming prime targets for mega-investors,” Kwok said. The latest transaction follows a string of deals in the super luxury market – homes worth HK$100 million or more – highlighting the strong demand for Hong Kong’s residential units, particularly in the high-end segment. In the first four months of the year, 93 first-hand and second-hand homes priced above HK$100 million changed hands, compared with 37 a year earlier, according to Centaline Property. The value of those deals surged to HK$19 billion from HK$6.6 billion. The surge in upscale property deals came amid Hong Kong’s aggressive push to attract more affluent residents and investors into the city. Hong Kong overtook Switzerland as the world’s largest cross-border wealth hub last year, according to Boston Consulting Group.  Cross-border wealth in Hong Kong climbed 10.7 per cent to US$2.95 trillion in 2025, narrowly beating Switzerland’s US$2.94 trillion, the international consultancy said in its latest global wealth report in May. Also last month, Singaporean Jennifer Tzelee Teo bought 14 Shek O Road, known as The Round House, for HK$562.6 million, according to Land Registry records. Teo is a director of Brilliant Advance Holdings, according to official company filings. The 6,163 sq ft house was long home to the family of the late John Marden, former chairman of Wheelock &amp; Co, and was previously held by his widow, philanthropist Anne Marden, until her death in 2022. The sale of the 21 Borrett Road unit surpassed the HK$56,866 per square foot price of a new 1,608 sq ft duplex with 4 bedrooms at the Pavilia Rosa project, sold by New World Development and the MTR Corporation in May. Last year, Swire Properties sold two new three-storey units at 6 Deep Water Bay Road, with sizes of 9,600 sq ft and 5,300 sq ft, for a total sum of HK$2.2 billion to a single buyer. The deal, at HK$147,010 per square foot, “one of the highest achieved in recent years for luxury residential properties in Hong Kong”, according to the developer. The second phase of the CK Asset’s project in Mid-Levels made 16 flats available for tender, with the first round of bidding scheduled for June 10.  The second phase comprises 66 units, including standard flats ranging from 1,875 sq ft to 2,193 sq ft in size, as well as a limited number of special units, including two penthouses exceeding 2,900 sq ft. Meanwhile, nearly three-quarters of the 80 units of the fourth phase of One Victoria Cove, put on offer on Sunday by developers Henderson Land Development, Hysan Development and Empire Group have found buyers as of 4.30pm, according to agents. The latest batch of units in the Hung Hom project comprises two- to three-bedroom flats ranging in size from 338 to 585 sq ft. After discounts, the flats were priced between HK$6.88 million and HK$12.8 million. The launch is one of the more significant sales in recent weeks following Beijing’s latest efforts to tighten capital controls. Hong Kong’s residential property upswing is partially supported by purchases made by mainland Chinese homebuyers, who account for about a third of all home purchases in Hong Kong since the removal of stamp duties in 2024, according to Savills. Interest rate hike could dampen the housing demand, but as long as it is “not rapid or sharp in the short term, its impact will be minimal,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.</div>

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<p>CK Asset Holdings sold a penthouse at 21 Borrett Road in Hong Kong's Mid-Levels for HK$362 million (US$46.2 million), setting a new per-square-foot record for first-hand transactions this year. The sale reflects strong demand in the ultra-luxury segment, driven by wealth diversification amid global uncertainties and Hong Kong's status as a top cross-border wealth hub. This transaction highlights the resilience of Hong Kong's high-end real estate market despite broader economic headwinds.</p>

SCMP

CK ASSET

NEW WORLD DEV

MTR CORPORATION

SWIREPROPERTIES

HENDERSON LAND

HYSAN DEV

Savills plc

US$46.2 million penthouse sale in Mid-Levels sets a 2026 record