Sea-view Flat Sold at 2014 Prices as Hong Kong Property Market Remains Subdued
AM730 · 2 SOURCESabout 1 hour ago5 MIN
Summary
A 358 sq ft sea-view flat in Tsing Lung Tau's Green Park Garden was sold for HK$3.03 million, marking a return to price levels last seen approximately 11 years ago. The unit, located on the high floor of Block 5, was originally listed at HK$3.28 million but ultimately fetched HK$3.03 million after negotiations, representing a reduction of HK$250,000 or approximately 7.6% . The seller purchased the property in February 2015 for HK$3 million and realized only a marginal profit of HK$30,000 after holding the asset for over 11 years, translating to a mere 1% appreciation over the entire period .
Key Points
- The property at Green Park Garden (豪景花園), Block 5, High Floor, Flat D, Tsing Lung Tau, spans approximately 358 sq ft of usable area with a two-bedroom layout and sea views
- Transaction price was HK$3.03 million, or approximately HK$8,464 per sq ft, after the seller accepted a HK$250,000 reduction from the original asking price of HK$3.28 million
- The original purchase price in February 2015 was HK$3 million, meaning the seller netted only HK$30,000 profit after more than a decade of ownership
- The buyer was a local first-time purchaser from the same district, attracted by the combination of interior garden and partial sea views
- Green Park Garden, situated at 100 Castle Peak Road, Tsing Lung Tau, was developed in 1986 and comprises 28 blocks across three phases with a total of 2,830 units
Why It Matters
This transaction exemplifies the prolonged stagnation in Hong Kong's secondary residential market, particularly for smaller units outside prime locations . The case underscores how even properties with scenic advantages failed to generate meaningful returns, signaling that long-term property holding strategies may no longer guarantee capital appreciation in the current market environment .
This transaction exemplifies the prolonged stagnation in Hong Kong's secondary residential market, particularly for smaller units outside prime locations . The case underscores how even properties with scenic advantages failed to generate meaningful returns, signaling that long-term property holding strategies may no longer guarantee capital appreciation in the current market environment .