South Horizons Unit Sold for $12.45M After 25-Year Hold, Generating 2.3x Profit
SingTao · 2 SOURCES44 minutes ago2 MIN
Summary
A mid-floor four-bedroom unit at South Horizons in Ap Lei Chau has been sold for HK$12.45 million after being held for 25 years, yielding the original owner a paper profit of HK$8.69 million. The buyer, previously a tenant in the same neighborhood, decided to purchase the 771-sq-ft property after observing sustained rent increases and anticipating a market recovery. The transaction was completed in less than a month, reflecting renewed confidence in the Hong Kong property market.
Key Points
- The property at South Horizons Block 23, Middle Floor, Unit F spans 771 square feet and features a four-bedroom, one-ensuite layout with southeast-facing mountain views and sea views from the master bedroom .
- The unit was sold for HK$12.45 million, translating to approximately HK$16,148 per square foot of net usable area, and the deal was closed in under one month from listing .
- The original owner purchased the unit in 2001 for HK$3.76 million, generating a paper profit of HK$8.69 million and representing a 2.3-fold appreciation over the 25-year holding period .
- The buyer was an existing tenant in the Ap Lei Chau district who decided to transition from renting to buying, citing continuous rental growth and signs of price stabilization in the local market .
- South Horizons is a blue-chip residential estate located at 6 South Horizons Drive, near the MTR South Horizons Station, developed in 1991 with 34 blocks across four phases offering a total of 9,812 units .
Why It Matters
This transaction underscores the wealth-creation potential of Hong Kong's blue-chip residential properties, where long-term holding can generate substantial returns even amid market volatility . The buyer's decision to transition from tenant to owner highlights how rising rental costs and improved market sentiment are prompting more renters to enter the property market, potentially driving further activity in prime districts with strong infrastructure .
This transaction underscores the wealth-creation potential of Hong Kong's blue-chip residential properties, where long-term holding can generate substantial returns even amid market volatility . The buyer's decision to transition from tenant to owner highlights how rising rental costs and improved market sentiment are prompting more renters to enter the property market, potentially driving further activity in prime districts with strong infrastructure .