Would You Pay $1 Million Just TO VIEW A Potential Apartment?

By on November 27, 2017 in ArticlesHow Much Does

Hoping to tour a luxury condo in Hong Kong? Well, please hold as your payment is processed. Potential buyers have to cough up $900,000 (or 7 million Hong Kong dollars) just to schedule a 90-minute viewing session of brand new apartment units.

The new real estate development, Victoria Harbor, is located near Hong Kong's central business district and offers impressive views of the harbor it is named after. It was built by Sun Hung Kai Properties, Hong Kong's biggest property developer.

Anthony Wallace/AFP/Getty Images

It has been confirmed that the the lofty deposit is refundable and applies to 10 luxury apartments within the building.

"This is an indication of how hot the market is here in Hong Kong," explained Paul Zimmerman, a district council member in the city. Prices have been fueled by years of low interest rates and money flowing in from mainland China, he added.

Prospective buyers don't even get to tour the actual apartments—they will view a mock-up in another part of the city. Furthermore, the deposit does not lock anyone into the units, bidding will take place at a later date.

The asking price of these condos, which are between 1,200 and 1,600 square feet, have not yet been disclosed. Similarly sized units in the neighborhood recently sold for around $8.5 million.

A Sun Hung Kai spokesperson said the viewing cost and arrangement is "not uncommon" for high-end properties.

And Hong Kong has become accustomed to steep real estate price tags: Public policy firm Demographia has named the city the world's priciest housing market for the past seven years.

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