Yick Tsui Garden Mortgagee Sale Closes at $8.62M, 5% Below Market
On.cc · 1 SOURCESabout 1 hour ago1 MIN
Summary
Hong Kong's mortgagee property market remains active as sellers target price-conscious buyers. A three-bedroom unit at Yick Tsui Garden in Sheung Shui recently changed hands for $8.62 million, including a parking space, at roughly 5% below prevailing market rates. The deal highlights continued interest from investors seeking opportunities in the distressed property segment.
Key Points
- Yick Tsui Garden Tower 2, High Floor Unit H sold for $8.62 million via mortgagee sale, approximately 5% below market value
- Unit features 1,022 sq ft of saleable area, three bedrooms plus helper's suite, with one parking space and mountain views
- Price per sq ft reached approximately $8,434; buyer was a long-term investor
- Original owner purchased the property in 1996 for approximately $4.34 million
- Other transactions included South Horizons apartment at $8.15M (13,955 psf) and One Silver Sea at $29.68M (29,127 psf)
Why It Matters
The mortgagee sale at Yick Tsui Garden reflects ongoing dynamics in Hong Kong's property market where some owners facing financial pressure are selling at discounts. For potential buyers, mortgagee properties offer opportunities to acquire units below market rates, while the broader market continues to see varied performance across different districts and property types.
The mortgagee sale at Yick Tsui Garden reflects ongoing dynamics in Hong Kong's property market where some owners facing financial pressure are selling at discounts. For potential buyers, mortgagee properties offer opportunities to acquire units below market rates, while the broader market continues to see varied performance across different districts and property types.