Yuen Long Grand YOHO Unit Logs HK$1.56 Million Loss as Secondary Market Holds Steady
SingTao · 2 SOURCESabout 1 hour ago2 MIN
Summary
A distinctive three-bedroom flat with a private platform at Grand YOHO Phase 3 in Yuen Long changed hands for HK$10.48 million, representing a substantial loss for the previous owner who bought the property three years ago. The unit on the lower floor of Block 5 features a platform area of approximately 375 sq ft, complementing the 612 sq ft usable interior space. The seller accepted a marginal reduction from the original asking price of HK$10.5 million, closing at HK$10.48 million. Midland Realty's Yuen Long District Sales Director Wang Qinxue represented both parties in the transaction. The buyer, a property upgrader, selected the unit for its convenient location near the MTR station and a major shopping mall.
Key Points
- Grand YOHO Block 5 lower-floor platform unit sold for HK$10.48 million after negotiation, at HK$17,124 per sq ft
- Original owner purchased the 612 sq ft three-bedroom unit for HK$12.035 million in April 2023, holding for approximately 3 years
- The paper loss amounts to HK$1.555 million, representing a property value decline of approximately 12.9% during the holding period
- The unit includes a 375 sq ft private platform and attracted an upgrader buyer seeking convenient access to MTR and retail facilities
- Yuen Long secondary market recorded 38 transactions this month, with 4 deals on September 14 alone
Why It Matters
The substantial loss incurred by the Grand YOHO seller illustrates how Hong Kong's property market has punished buy-and-hold strategies in certain districts over the past three years, with owners now forced to accept significant discounts to exit positions . The continued steady transaction volume in Yuen Long, despite individual losses, suggests buyer interest remains underpinned by the area's strong infrastructure connectivity, which could support future value recovery.
The substantial loss incurred by the Grand YOHO seller illustrates how Hong Kong's property market has punished buy-and-hold strategies in certain districts over the past three years, with owners now forced to accept significant discounts to exit positions . The continued steady transaction volume in Yuen Long, despite individual losses, suggests buyer interest remains underpinned by the area's strong infrastructure connectivity, which could support future value recovery.