Sunday, December 27, 2009

Like walking on GOLD

Record price for retail shop

As posted in by Yeo ZH

Units at The Marq transacted at $5,262 psf and Orchard Residences (above Ion) at above $5,000 psf. So you think our high-end condos are expensive? Wait till you hear about another insane retail shop purchase in Hong Kong - at $135,000 psf!

The 1,212 square foot shop is located at the busy Tsim Sha Tsui district and houses the luxury retailer Emperor Watch & Jewellery, owned by the music tycoon Albert Yeung.

At $135,000 psf, the shop transacted at $163m - you could buy 20 units at The Marq, or both Anson and VTB buildings in the CBD and still have cash left over.

I did some rough calculations; assuming we pave the entire floor of the shop in 2cm thick gold bars - it works out to be almost the same price, give or take a couple of million bucks.

Picture of the shop here. I don't know about you guys, but that shop looks kinda run down, like something you'll see in Little India.

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