Who is the buyer of the US$82 million property on The Peak – Asia’s most expensive flat?

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Lau Chauin, the daughter of the chairman of Heungkong Group, paid HK$140,800 (US$18,050) per square foot for a flat and three parking spaces in Mount Nicholson on The Peak

The previous record for Asia’s most expensive flat on a per square foot basis was held by CK Asset’s 21 Borrett Road project

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A flat in The Mount Nicholson residential project on The Peak reclaimed the title for the most expensive property in Asia on a per square foot basis. Photo: Handout

Sandy Li

Published: 3:54pm, 14 Dec 2021Updated: 8:53pm, 14 Dec 2021

The buyer of Asia’s most expensive flat in the ultra-luxury Mount Nicholson project on The Peak is Lau Chauin, according to a source close to the deal.

Lau, the daughter of Lau Chi-keung, the chairman of Heungkong Group, which has interests ranging from logistics and finance to health care and property development on the mainland, bought flats 16C and 16D in phase three of the exclusive project for a combined HK$1.2 billion (US$154 million) last month.

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. It broke the record held by a flat in CK Asset Holding’s 21 Borrett Road luxury residential project in Mid-Levels. That flat, which also came with three parking spaces, sold for HK$459.4 million, or HK$136,000 per square foot, in February.

The price for the 4,186 sq ft flat 16C at Mount Nicholson was HK$560.92 million, or HK$134,000 per square foot, slightly lower than the Borrett Road flat.

“About 50 per cent of Hong Kong’s ultra-luxury homes [in the past two years] have been sold to wealthy mainland Chinese or so called new Hongkongers,” said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank. “Buyers from the mainland are willing to pay big bucks for homes on The Peak as spectacular views like those of Victoria Harbour are rare in China.”