A plot of land in Vancouver is believed to have broken records for the most expensive condo development site.

The 8,250 square foot (766 square metre) land at Cold Harbour has sold for $13.1 million, or $1,587 per square foot. A spokesman for Colliers International says that makes it a staggering five times the previous record.

The density that has been approved for the land will still make for a profitable development though; a 14 storey tower with 25 condos and 3,500 square feet of office space.

The condos will be on sale for the top end of Vancouver’s market; not at all unusual for Cold Harbour.

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