While the design industry may not pay as much heed to star architects – or starchitects – as it once did, on a consumer level, they clearly still pack a punch.
This is exemplified by the sale of an apartment in the Frank Gehry-designed Opus Building in Hong Kong which, according to William Lau of Midland Realty, reached a record-breaking sale price of nearly $60 million due to its ‘unique’ architectural design. — DesignBuild Source
Frank Gehry is arguably the world's most famous architect, and while hist projects are notoriously expensive to construct, they may be worth it, at least for residential developers. In Manhattan, the penthouses at New York by Gehry are up for rent for $60,000 per month, and in Hong Kong, an apartment in a newly completed Gehry-designed condo tower overlooking the harbor has just sold for $61 million. Talk about a Pritzker prize. — New York Observer
Built for Swire Properties Ltd. (962), the structure cost HK$27,000 ($3,477) per square foot to construct, including land premium. A standard high-rise apartment in the city can cost as little as $HK4,000 per square foot to build, according to Swire Chief Executive Officer Martin Cubbon.
“Of course, it’s going to be enormously expensive by any standards,” says Cubbon. “In rental values and capital values, it’s going to command the highest numbers that Hong Kong has ever seen.” — businessweek.com
The Opus Hong Kong is located at 53 Stubbs Rd. in the city’s Peak area, one of its most expensive neighborhoods. The cost of renting one of the 6,000-square-foot apartments in the 12-story, 12-unit apartment building has not been set yet, but Swire Properties has “every expectation it will break records,” Chief Executive Martin Cubbon said. — blogs.wsj.com
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