Benchmark transactions recorded at The Albany

Swire Properties today (Tuesday, 16th March 2004) announced the sale of six units at The Albany, generating a total of $346 million, which included a penthouse.

The 6,830 sq ft Lower Penthouse on level 36, which offers a private terrace of 554 sq ft with views of Hong Kong's skyline, was sold for a sum in excess of $130 million, representing an average price of about $19,500 psf.

The other five transactions included a two-bedroom, 1,755 sq ft unit on level 33, which was sold for close to $27 million and two 2,549 sq ft three-bedroom units at level 22, which were sold for about $77 million. Two mid floor duplex units of about 3,560 sq ft, were sold for about $110 million. These transactions have set new record prices in excess of $15,000 psf.

Swire Properties' Senior Development Manager, Mr. Adrian To said, 'We are delighted with these transactions which reflect the unique values of The Albany.'

Mr To added, 'The Albany is home to two of Hong Kong's most luxurious penthouses in the heart of the city. The penthouse sale leaves only one of these unique properties available in the market.'

The remaining 7,439 sq ft Upper Penthouse features two private roof terraces of 3,218 sq ft on the east and west wings. Altogether there are 16 units still available for sale at this renowned address.

The Albany is a luxury single-tower residential development with 74 apartments, eight duplexes, two penthouses and recreational facilities including a three-storey skygarden, an outdoor heated pool with landscaped sundeck, saunas, squash courts, gym, jogging track, children's play area and billiard room. As the only development on Albany Road, The Albany has guaranteed unobstructed open views of the Botanical Gardens and Central District, with the majority of units enjoying a panoramic harbour view.