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Gehry-Designed Apartment Fetches Swire Properties HK$430 Million

Swire Properties Ltd. (1972) has sold an apartment in the first residential building in Asia designed by Frank Gehry, the designer of Bilbao’s Guggenheim Museum, for HK$430 million ($55 million).

The 6,755-square-foot apartment is in a 12-floor building known as Opus Hong Kong and is located on The Peak, home to some of the city’s most expensive housing, the company said in a statement today. Swire earlier leased another apartment, which has its own pool, at a monthly rental of HK$850,000 for three years, according to the statement.

Swire, the owner of Pacific Place and Island East office and shopping mall complexes in Hong Kong, has seen demand for prime office space in the city weakening, Chief Executive Officer Martin Cubbon said earlier this month. First-half underlying profit rose 3.8 percent on rental income growth, the company said Aug. 10.

“We embarked on this project with Frank Gehry with the intention of producing an exceptionally rare work of architecture,” Cubbon said in today’s statement. “These transactions demonstrate the market’s appreciation for our achievement.”

To contact the reporter on this story: Rachel Evans in Hong Kong at revans43@bloomberg.net

To contact the editor responsible for this story: Nicholas Wadhams at nwadhams@bloomberg.net

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