From Financial Times:
A residential site in one of Hong Kong’s most exclusive addresses went under the hammer for HK$1.8bn ($231m) on Tuesday, far surpassing analysts’ expectations and breaking a record per-square-foot price set at the peak of the territory’s property bubble in 1997.
Sun Hung Kai Properties, Hong Kong’s biggest developer, bought the prime site on the Peak, the neighbourhood of choice for Hong Kong’s super-rich, for HK$42,196 a square foot in a fierce government land auction, more than doubling the previous record of HK$18,357.
The price, about 60 per cent higher than expected and 130 per cent higher than the opening bid, reflects strong sentiment in the luxury residential market, which has risen about 20 per cent in 2006 and is expected to increase another 20 per cent in the first half of 2007.[Full Text]
