A duplex apartment sold for a record price in Hong Kong, in the latest sign the luxury property sector in the city is bouncing back.

The unit at The Legacy, a joint project by Henderson Land Development Co and New World Development Co, sold for HK$880 million ($113 million), according to people familiar with the matter. The transaction is going though company transfer, a common way for buyers to shield their identity, the people said.

A representative for Henderson Land, the developer and sale agent for the Mid-Levels project, declined to comment.

ALSO READ: Hong Kong's luxury leasing market seen to gain traction

Hong Kong’s residential property market has seen sentiment improve in recent months after prices fell around 30 percent from all-time highs reached in 2021, according to Centaline Property Centa-City Leading Index, a gauge of the city’s home prices.

“Hong Kong is showing the first signs of recovery, supported by interest rate cuts that have helped to stabilize financing conditions,” Liam Bailey, global head of research at Knight Frank, wrote in a report last week. “Investors, both private and institutional, are returning to the luxury sector, where scarcity and notable price corrections from peak levels are creating selective opportunities.”

The apartment, in the Mid-Levels area of Hong Kong island, encompasses 8,310 square feet with four bedrooms, according to sale brochures. The same buyer bought a smaller connecting unit for about HK$220 million for better privacy, the people said.

READ MORE: Hong Kong home rents hit record high on strong demand

The HK$880 million price tag is a new high for an apartment in the Asia financial hub, topping a penthouse at Mount Nicholson that changed hands for HK$609 million in May. Despite the lower overall price, the Mount Nicholson property in the city’s posh Peak area still holds the crown as the most expensive residence by price per square foot. Still, both apartments trail some way behind the most expensive home this year, which remains a $140 million mansion on the Peak sold in August.

Home rents in Hong Kong hit a record high in November, thanks to strong demand from new arrivals attracted by the city’s efforts to attract talent.