A luxury five bedroom flat in Hong Kong located on 39 Conduit Road, a luxurious residential building, was sold for $57m (HK$439 million) -with each sq foot costing $9,200-setting the new world record for the most expensive apartment.

It is believed to be Asia’s most expensive property – with each sq foot costing $9,200, and the world’s most expensive apartment. The deal came as the territory’s chief executive, Donald Tsang, said he was concerned about a possible property bubble emerging.

The 6,158 sq ft (557 sq metres) flat is on the 68th floor of its block and was sold by Henderson Land Development.

Thomas Lam, from the company, said the building, offered “a chance to allow the elites in town to enjoy such prestigious property”. Another unit in the same building was sold for $51 million.

Property prices in Hong Kong have benefited from mainland China’s booming market, however it has one of the world’s most expensive property markets - with many locals finding it difficult to buy. In his annual policy address, Mr Tsang said the government was considering making more land available for development.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble,” he said.

The previous most expensive apartment was One Hyde Park flats in London, whose per-sq. foot price was 9,585.23 USD (HK$74,286).

The world’s most expensive house is the Fleur de Lys in Beverly Hills, California, which was bought for $125 million.

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