A triplex, dubbed ‘Emperor’s Home’, and four flats at The Arch near Kowloon MTR station on offer for US$128 million
- Five properties at The Arch near Kowloon MTR station, comprising a triplex and four flats, are available for HK$1 billion (US$128.34 million) via tender
- The ostentatiously decorated triplex, spread over the 80th to 82nd floors, has an area of 4,263 sq ft and comes with a 1,278 sq ft sky garden, private pool and a 90 sq ft terrace
The recent trend of luxury home prices setting one record after another is tempting some owners to cash in while the going is good.
A triplex unit, dubbed the “Emperor’s Home” because of its ostentatious decor, and four flats at the 16-year-old residential tower, are on offer for sale by tender, according to Midland Realty, the sole agent.
The triplex, spread over the 80th to 82nd floors, has an area of 4,263 sq ft and comes with a 1,278 sq ft sky garden, private pool and a 90 sq ft terrace.
The other four units are flats B and C on the 80th floor and flats C and D on the 79th floor, with sizes ranging from 972 sq ft to 1,023 sq ft, according to the tender, which closes on January 28.
The five properties have a combined area of 8,253 sq ft and come with six car parking spaces.
“The indicative price takes into reference recent transactions of super deluxe homes and the rare supply of mega-sized flats,” said Ada Yeung, a sales director of Midland Realty.
The asking price translates to HK$121,168 per square foot.
In 2019, three connected flats with a total of 4,566 sq ft at Sky Tower in the same development sold for HK$500 million, or HK$110,000 per sq ft, Yeung said.
She added that as the five properties are holdings of offshore companies, the buyer can acquire them via share transfer and save on stamp duty.
“As the buyer is seen as buying shares, not property, stamp duty does not have to be paid,” Yeung said.
Buyers of second homes are required to pay a double stamp duty of 15 per cent of the property price.
Hong Kong’s super-deluxe homes sold for record prices twice last year.
Flat 16D, measuring 4,544 sq ft and three car parking spaces in the project developed by Wharf Holdings and Nan Fung Development, was sold for HK$639.8 million, or HK$140,800 per square foot, making it Asia’s most expensive flat on a per square foot basis.
Last week, a 3,641 sq ft flat at 8 Deep Water Bay Road development sold for HK$393 million, or HK$106,787 per sq ft, setting a record for the project, an agent said.
“We have clients looking for mega-size flats for entertaining guests, and also to provide accommodation for their staff, such as bodyguards,” said Midland’s Yeung.