A palatial four-bedroom house in Hong Kong's exclusive Peak district has been sold for HK$1.16 billion (Dh546.1m), which the main developer said is the most paid for a home in one of its projects this year.
The price per square foot was HK$126,813, a spokeswoman for Wheelock Properties said on Wednesday. She declined to identify the buyer.
The sale of the more than 9,000 square foot detached house, which includes a swimming pool, lavish garden and basement carpark, underscores the gaping contrasts in the Chinese-controlled city where the average living space is just 150 sq ft per person.
Wheelock and Company, one of Hong Kong's biggest developers, owns the Mount Nicholson project via its subsidiaries Wheelock Properties and Wharf Holdings, together with Nan Fung Development.
A recent UBS report said Hong Kong was the world's most expensive city for apartments, with a skilled service worker needing to work 20 years - the longest period of time in a list of 20 cities in the world - before being able to afford a 650 sq ft flat near the city centre.
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Hong Kong authorities have tried to implement a raft of measures to cool the city's property prices but the chief executive Carrie Lam has said the government has no "magic wands".
The former British colony is one of the world's wealthiest cities with fiscal reserves of more than HK$936bn but less than one-tenth of its land area is zoned for housing.
Inequalities have been exacerbated with many middle class families unable to afford property.
Even more dire is the plight of the very poor who have been forced to live in "coffin homes" and families residing in subdivided flats smaller than 75 sq ft.
Home prices in Hong Kong have jumped close to 400 per cent since 2003, while the median monthly household income has risen just 61 per cent, pushing home ownership out of reach for many.
Ms Lam, who took office in July, has made cooling sky high property prices one of her top priorities and has announced a new "Starter Homes" scheme to help middle-class families.
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
The story of Edge
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.
It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.
Edge has an annual revenue of $5 billion and employs more than 12,000 people.
Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Ammar 808:
Maghreb United
Sofyann Ben Youssef
Glitterbeat
Story%20behind%20the%20UAE%20flag
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
COMPANY%20PROFILE
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
All or Nothing
Amazon Prime
Four stars
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
