In world’s most expensive property market, homes for the dead can cost more than for the living
Starting at $53,000 for a space not much larger than a shoebox, it is a pricey place to stay, even in a city famed for the world’s most expensive property market.
But then the ornate white marble interiors of the 12 story Shan Sum tower in Hong Kong are not aimed at your average sort of buyer. They are meant for a more discerning type of customer altogether, one seeking that little something extra: a resting spot for the afterlife.
This privately run high-rise columbarium, housed in a wavy, fan-shaped building designed by a German architect, is meant to store the cremated remains of 23,000 people. And it doesn’t come cheap.
In addition to its single urn entry units, niches that can store two urns can go for up to $76,000 (HK$598,000), while family units that can house the ashes of up to eight people reach as much as $430,000 (HK$3.38 million).
With standard niches measuring about one cubic square foot, it could be argued that a spot in this tower is relatively more costly than the city’s most expensive property for the living – a mansion in the ultra exclusive area of The Peak that in March attracted a bid of US$32,000 per square foot.
But Shan Sum, which is tucked away in an old industrial district of Kwai Chung is not even Hong Kong’s most expensive place for the dead.
According to Hong Kong’s Consumer Council, the most expensive niche of all is at a temple-like complex in the northern outskirts of Fanling. That auspicious resting spot goes for $660,000 (HK$5.2 million) – and that figure doesn’t even include the management fees of at least $25,000 (HK$200,000) to cover the upkeep and surcharges.
Such an investment might still not seem too bad, given the long-term horizon of the afterlife, but private columbariums like Shan Sum are not offering a resting place for eternity. Ashes can be stored there only for the duration of the facility’s private license, which is issued by Hong Kong government. These licenses have a limit of 10 years and can take years of inspections to obtain. Shan Sum’s runs through 2033.
Starting at $53,000 for a space not much larger than a shoebox, it is a pricey place to stay, even in a city famed for the world’s most expensive property market. But then the ornate white marble interiors of the 12 story Shan Sum tower in Hong Kong are not aimed at your average sort…