It’s no secret that Asia is home to some of the most expensive real estate markets in the world. Hong Kong, Tokyo and Singapore, for instance, are well-known for being difficult cities in which to climb onto the property ladder. On top of that, these of course happen to be the very cities notorious for taking the tiny home trend to the extreme – think micro homes and space-capsule apartments clocking in at a lavish 128 square feet (yes, that’s sarcasm for those not good with numbers).
All in all, perhaps Asia isn’t the place to be laying down roots if you’re looking to get bang for your buck. But does this still apply even when you have one million US dollars to play with? Let’s find out.
Luxury Real Estate in Asia
The beating heart of Japan, Tokyo is one of the most densely populated urban areas in the world. Packed to the brim with futuristic skyscrapers and neon galore, it’s certainly not for the faint of heart. Yet with average house prices coming in at US$600,000, Tokyo might be the most economical location on our list.
Though it doesn’t look like much from the outside, this sweet three-storey home boasts a bright and modern interior, with one bedroom and one bathroom.
Altogether, the space measures a generous 710 square feet, and includes a spacious walk-in closet. Not bad when you consider that this pick comes in at just under one million dollars (US$905,880 to be precise).
With this home, it’s all about location. Situated in the Shibuya-Ku district, you’ll be well-placed to experience the very best of the city. What’s more, you’re only a five minute walk from the subway, making for easy convenience in a city that’s renowned for efficiency. In other words, you’ll have no excuse for being late ever again.
Perched on the southern tip of the Malaysian Peninsula, Singapore is perhaps best known for its iconic three towered Marina Bay Sands hotel, complete with gravity defying infinity pool. Property-wise, the island state has a good mix of choice, ranging from the relatively affordable (a five-room apartment averages US$380,000) to the uber luxurious. However, do be aware that taxes can add up to 16% of the property price onto the final total!
For just over US$1,000,000, you can get your hands on a piece of architectural brilliance. Designed by internationally acclaimed architect Ole Scheeren, the DUO Residences captivate with sweeping concave shapes and a hexagonal patterned facade. Here, the outside is every bit as beautiful as the in.
With spectacular views of Marina Bay, Raffles Place, and Kampong Glam, you can be sure of a home with a view. Again, location is everything. With this pick, you’re just a stone’s throw away from Bugis Junction, one of the main shopping hot-spots of Singapore!
The apartment itself has two bedrooms and two bathrooms, which admittedly doesn’t sound like much for the price. But rest assured, there’s a further four shared facility decks for residents to enjoy in the clubhouse below. Some of the luxury amenities include multiple indoor and outdoor swimming pools, jacuzzis, a gymnasium, herb garden and outdoor lounges.
Just last year we detailed how Hong Kong is one of the least affordable housing markets in the world. One year on, it appears little has changed. Though the trend in micro-apartments is (thankfully) abating, you’ll still be hard-pressed to find value for money.
Case in point, one million dollars in Hong Kong will only get you between 400 and 500 square feet of real estate. In The Parkville housing development, that roughly translates to a three room apartment, with one bed, one bath and an open plan living, dining and kitchen space.
Though this may seem like an improvement on the spaces we featured last time, bear in mind the all important factor of location. This apartment is set a good hour’s commute away from the city’s central hub. Is that a small price to pay for a little extra space? We’ll let you be the judge.
What do you think of luxury real estate in Asia? Which pick is your fave? Let us know in the comments below!