Ma On Shan Double Cove Unit Sold at HK$7.5M, Owner Loses HK$600,000 After 6 Years
SingTao · 2 SOURCESabout 1 hour ago2 MIN
Summary
A two-bedroom residential unit at Double Cove Phase 1 in Ma On Shan has been sold for HK$7.5 million, marking a significant loss for the seller after six years of ownership. The transaction illustrates the ongoing challenges in Hong Kong's secondary property market, where some owners are accepting reduced prices to complete sales. The buyer, an upgraders, recognized the value proposition and decided to proceed with the purchase for self-use.
Key Points
- The property at Double Cove Phase 1, Tower 2, Low Floor B, spans 511 sq ft of saleable area with a two-bedroom layout
- The unit was sold for HK$7.5 million, translating to approximately HK$14,677 per sq ft, after negotiations reduced the asking price by HK$400,000 or 5.1%
- The original owner purchased the unit in 2020 for HK$8.1 million and suffered a nominal loss of about HK$600,000 or 7.4% upon resale
- The buyer is an upgraders who found the layout suitable and the price reasonable for self-occupation
- Double Cove comprises 21 towers across five phases with approximately 3,500 units, developed by Henderson Land, New World Development, and Patrizia
Why It Matters
This transaction underscores the continued price adjustments in Hong Kong's secondary residential market, where some property owners are absorbing losses to facilitate transactions. The deal highlights that despite improving market sentiment this month, buyers remain price-sensitive and negotiate significant concessions from asking prices . For prospective buyers considering similar units in Ma On Shan, this sale provides a benchmark for current market valuations in the area.
This transaction underscores the continued price adjustments in Hong Kong's secondary residential market, where some property owners are absorbing losses to facilitate transactions. The deal highlights that despite improving market sentiment this month, buyers remain price-sensitive and negotiate significant concessions from asking prices . For prospective buyers considering similar units in Ma On Shan, this sale provides a benchmark for current market valuations in the area.