The owner of a Caribbean Coast apartment has booked a HK$7.02 million gain and a new Coastal Skyline record has been set as local property prices continue their ascent.

According to Centaline Property, the Caribbean Coast owner bought the high-floor apartment in tower 6 for HK$2.34 million in 2003.

The three-bedroom flat, with a usable area of 894 sq ft, sold last week for HK$9.36 million, or HK$10,470 per sq ft usable area.

A Coastal Skyline apartment sold for HK$7.15 million – the highest ever for a two-bedroom unit in the complex.

The mid-floor unit has a usable area of 592 sq ft and a gross floor area of 775 sq ft, resulting in a price of $12,027 per sq ft usable area.

It last changed hands for HK$3.4 million in December 2010, Economic Times reported.

Hong Kong second-hand apartment prices have risen 25% in the past three years as investors have sought to cash in on the expiry of the special stamp duty.