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Recession who? Hong Kong luxury flat becomes Asia's most expensive after sale

Feb 17, 2021 17:22 IST

Amid a pandemic-induced recession, a five-bedroom luxury penthouse has sold in Hong Kong on Monday breaking records with a $59 million price for being Asia's priciest.

Although more expensive properties have been sold in the financial hub, this flat located in a newly built luxury apartment tower 21 Borrett Road sets a new benchmark for price per square foot at $17,500.

Sitting on the 23rd floor, the flat comes with a swimming pool, a private terrace, as well as three parking spaces.

A 2019 report by real estate firm CBRE ranked Hong Kong as the most expensive city for residential property, with an average price of $2,091 per square foot.