The Rich Times

As demand for luxury apartments increase, developers are raising the bar. Sun Hung Kai Properties Ltd., the world’s largest developer by market value, raised the price of two penthouses in Hong Kong by 50 percent to a record HK$75,000 ($9,700) a square foot. The units will be offered for HK$300 million ($39 million) each, said Victor Lui, executive director of the company’s real- estate broker. They each have 4,000 square feet (372 square meters) on three floors, an outdoor garden and a swimming pool.

The penthouses, on the 91st to 93rd floor of the 270-meter (886-feet) towers, have six bedrooms each. “The buyers will most probably be ultra-rich mainland Chinese who like the location,” Margaret Ng, senior director of client development and research at CB Richard Ellis Group Inc. in Hong Kong, said. The penthouses’ price in relation to floor area make them the world’s second most expensive homes by that measure, trailing a penthouse in Monaco that was priced at the equivalent of HK$100,000 per square foot (US$15,000) earlier this year.

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