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Opus eyes record price for HK property

Financial Times
Opus eyes record price for HK property - property prices - Hong Kong

The views it offers across Hong Kong’s famous harbour are stunning but it is the price tag attached to the city’s newest luxury apartment block that is creating the bigger stir.

Each of the 12 Frank Gehry-designed apartments in the Opus development are expected to be priced by developer Swire Properties at more than HK$450m ($58m), a record-breaker even in a city where the average price of homes was the highest in the world last year.

At an estimated $9,000 per square foot, Opus aspires to be in the same league as ultra-luxury developments in London and Manhattan such as One Hyde Park and 15 Central Park West.

But these are inauspicious times to test the limits of Hong Kong’s luxury property market which for several years has relied on demand from mainland Chinese. According to property agents there have been far fewer mainland Chinese buyers in Hong Kong since the start of the year.


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