Upgrader Pays HK$10.88M for Sea-View Flat in Tai Kok Tsui
SingTao · 1 SOURCESabout 1 hour ago5 MIN
Summary
Hong Kong's secondary property market is gaining momentum, driven by robust new project sales across the city. A mid-floor two-bedroom unit at Ocean County (浪澄灣) in Tai Kok Tsui was recently snapped up by an upgraders for HK$10.88 million, slightly above market rates, after the vendor initially listed the property at HK$11.5 million. Meanwhile, rental demand in the Hong Kong Island South remains resilient, with a two-bedroom flat at Aberdeen Centre (香港仔中心) leased within just two days of listing at HK$16,000 per month.
Key Points
- The sold unit at Ocean County Tower 5, Mid Floor B, spans 558 sq ft of net area with a sea view, fetched HK$10.88 million (HK$19,499 per sq ft)
- The buyer is an upgraders whose family has grown, seeking larger living space; the unit's view and reasonable pricing prompted a one-visit purchase decision
- The vendor purchased the property in June 2011 for approximately HK$7.4 million, netting a paper profit of around HK$3.48 million after 15 years of ownership
- Separately, a 432-sq-ft two-bedroom at Aberdeen Centre's Harbour Heights was leased for HK$16,000 monthly, covering an internal garden view, after just two days on market
- Aberdeen Centre tenants were a local couple who committed immediately after one viewing, attracted by the flat's clean condition and quiet surroundings
- The Aberdeen Centre landlord bought the unit in May 1992 for approximately HK$1.5 million, translating to a rental yield exceeding 12%
- Tse Kai-yuen, Senior Joint Director at Hong Kong Property Agency, noted that new project sales are lifting sentiment in the secondary market, with buyer confidence visibly strengthening
Why It Matters
The dual transactions underscore divergent but complementary trends in Hong Kong's residential market: active buying by upgraders capitalising on improved market sentiment, and sustained rental demand in established southern districts where limited supply keeps quality units in high demand .
The dual transactions underscore divergent but complementary trends in Hong Kong's residential market: active buying by upgraders capitalising on improved market sentiment, and sustained rental demand in established southern districts where limited supply keeps quality units in high demand .