When location sets the price tag of luxury properties

What do we do when we are really wealthy – like super rich?

Not the kind of “rich” that allows you to buy an iPhoneX by instalment so you can show off to the whole office, or a Segment B Japanese car, which you’ll be paying off by instalments for the next nine years.

When you become super-duper rich, you actually can choose to buy property in one of the most expensive cities on planet Earth – Hong Kong.

How about putting down a cool HK$127 million (RM65 million) for a luxury 2,499 sq ft duplex? Duplexes seem to be the trend these days.

RM65 million for a 2,499 sq ft high-rise? Yes, international film star, Shu Qi just bought a unit at yoo 18 Bonham and according to some in the industry, she is apparently getting a good deal on it.

In an article in the South China Morning Post, Raymond Li of the Centaline Property Agency said, “She got a pretty good deal for a four-bedroom ocean view luxury flat in Mid-Levels West. Higher prices are likely in the development’s later tender sale.”

Here’s a little more information about this project – there is only a total number of twelve units here.

In an article about the launch of this project in end 2017, it was said: “yoo 18 Bonham is a low-density project, comprising three simplexes, eight duplexes and one triplex. The saleable area ranges from about 1,228 to 3,721 sq ft.”

That would mean the unit Shu Qi bought is NOT the most expensive. One major plus point however, is that all units in the development enjoy a stunning sea view.

Apparently, this is something Hong Kong buyers clamour for – it’s how they relax. Since space is so limited there, many delay going home because their accommodations are too cramped, unless of course one has a unit overlooking the sea.

While most of us won’t attain Shu Qi’s level of wealth in our lifetimes, we can aspire to much the same.

Imagine this – a 2,500 sq ft condo on Penang Island (just like Hong Kong), overlooking the sea with private lifts but at a much more affordable price. It’s do-able.

Just keep working hard, continue investing what you have to build more wealth and one day, perhaps you can buy a condominium with similar features as Shu Qi’s.

One very important point to note is the wise old saying of “home-sweet-home”. Everyone wants to come home to a place where they can relax. So your home does not have to be a luxurious place but one you feel comfortable in. One where you could kick-off your shoes, switch on the TV, open the fridge for a bottle of orange juice (or beer) and well, just chill!

This article has appeared in  kopiandproperty.com

Charles Tan blogs at property investment site kopiandproperty. He dislikes property speculators and disagrees that renting is better than buying. He thinks it’s either property or poverty. He is presently the CEO of an auction house auctioning assets beyond just properties.