"Seafood Prince" Nabs HK$1.09 Million Profit in Mei Foo Sun Chuen Flip
AM730 · 1 SOURCESabout 1 hour ago2 MIN
Summary
The investment streak of So Ka-kwok, widely known as the "Seafood Prince," continues to yield impressive returns in Hong Kong's resurgent property market. So, who serves as general manager of Hoi Sang Hong and chairman of the Hong Kong Dried Seafood Grocery Merchants Association, sold a two-bedroom unit at Mei Foo Sun Chuen in Lai Chi Kok for HK$6.5 million, having purchased the same property only six months earlier for HK$5.41 million. This latest transaction translates to a profit of HK$1.09 million or approximately 20% on the investment, underscoring the continued appetite for short-term property speculation among Hong Kong investors despite ongoing government cooling measures.
Key Points
- So Ka-kwok sold Unit B, Low Floor, Block 25 Lam Sau Chan Road, Phase 6, Mei Foo Sun Chuen, for HK$6.5 million .
- The 509-sq-ft two-bedroom unit was originally listed at HK$6.48 million but So raised his asking price by HK$20,000 due to limited available inventory, closing at HK$12,770 per sq ft .
- So purchased the unit in February 2024 for HK$5.41 million, holding it for approximately six months before reselling for a HK$1.09 million gain .
- In the first half of 2024, So acquired six properties across three residential developments, spending over HK$33 million in total .
- So previously flipped another Mei Foo Sun Chuen unit at Phase 6, Block 19, earning HK$1.13 million profit or 21.6% after six months .
- Mei Foo Sun Chuen, comprising 99 blocks across eight phases with 13,115 units, was completed starting in 1968 along Broadway Street in Mei Foo .
Why It Matters
The successful short-term flip by a prominent local business figure signals continued investor confidence in Hong Kong's blue-chip residential market, even as authorities maintain cooling measures to curb speculation. This trend may influence policy discussions around housing market stability and the effectiveness of existing anti-speculation measures.
The successful short-term flip by a prominent local business figure signals continued investor confidence in Hong Kong's blue-chip residential market, even as authorities maintain cooling measures to curb speculation. This trend may influence policy discussions around housing market stability and the effectiveness of existing anti-speculation measures.