CK Asset's $46M Penthouse Sale Sets Hong Kong's 2026 Residential Record

CK Asset Holdings, the flagship property developer of Hong Kong billionaire Li Ka-shing, has secured the city's largest first-hand residential transaction of the year with the sale of a HKD362 million (US$46.2 million) penthouse.

The developer announced in a statement on Sunday that the luxury residence in Mid-Levels Central was sold for HKD15,870 per square meter, establishing a new benchmark for first-hand residential property in the city. The unit is located on the 20th floor of phase two of 21 Borrett Road, a high-end residential project. Spanning 270 square meters, the apartment "boasts an expansive floor-to-floor height of 3.5 meters, configured in a premium five-bedroom with three ensuite layouts," according to CK Asset. It is one of only two penthouses in the project linked to the rooftop. Li Ka-shing is Hong Kong's second-wealthiest individual with a net worth of $48.6 billion, trailing battery tycoon Robin Zeng's $62.1 billion, according to Forbes.

The sale occurs amid "lingering uncertainties" caused by the U.S.-Israel war on Iran, which has prompted investors to diversify their assets, said William Kwok, chief manager of sales at CK Asset. "With the Hong Kong real estate market showing a steady upwards trajectory, newly completed ultra-luxury residences remain exceptionally scarce, naturally becoming prime targets for mega-investors," Kwok stated.

This transaction highlights a broader trend in Hong Kong’s super-luxury housing market, defined as properties valued at HKD100 million or more. In the first four months of the year, sales of such homes, including both first-hand and second-hand properties, reached 93 units, a significant increase from 37 during the same period last year, according to data from real estate broker Centaline Property. The total value of these transactions surged to HKD19 billion from HKD6.6 billion.

The surge in luxury property sales aligns with Hong Kong’s concerted efforts to attract high-net-worth individuals and investors. The city surpassed Switzerland last year to become the world's largest hub for cross-border wealth, according to a May report from Boston Consulting Group. Cross-border wealth managed in Hong Kong grew by 10.7% to $2.95 trillion in 2025, slightly ahead of Switzerland's $2.94 trillion.