Tseung Kwan O Metro City Flat Sold at HK$7.93M, Seller Loses Over HK$630K
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
A three-bedroom flat at Metro City Phase 1 in Tseung Kwan O has been sold for HK$7.93 million, with the original owner suffering a loss of more than HK$630,000 after holding the property for approximately seven years. The 526-sq-ft unit attracted a buyer who appreciated its practical layout and decided to make it their home. Meanwhile, the broader Hong Kong property market continues to show signs of price and volume stabilization, with key housing estates experiencing a "gridlock" situation in transaction activity.
Key Points
- The property at Metro City Phase 1 Tower 2 Middle Floor Flat H spans 526 square feet with a three-bedroom, one-ensuite layout
- The seller reduced the asking price by approximately HK$350,000 before closing the deal at HK$7.93 million, translating to HK$15,076 per square foot
- The previous owner acquired the unit in June 2019 for approximately HK$8.56 million and rented it out in recent years before selling
- A separate transaction at Victoria Harbourfront Phase 2 involved a 325-sq-ft one-bedroom unit sold for HK$8.15 million or HK$25,077 per square foot
- The Victoria Harbourfront buyer specifically sought out the relatively new development, while the original owner there purchased in January 2022 for HK$8.6 million
Why It Matters
These transactions illustrate the ongoing recalibration in Hong Kong's secondary property market, where sellers are accepting losses to exit positions. For prospective buyers in Tseung Kwan O and West Kowloon, the current environment offers opportunities to acquire well-laid-out units at adjusted prices, while market indicators suggest a period of cautious equilibrium in transaction volumes across major housing estates .
These transactions illustrate the ongoing recalibration in Hong Kong's secondary property market, where sellers are accepting losses to exit positions. For prospective buyers in Tseung Kwan O and West Kowloon, the current environment offers opportunities to acquire well-laid-out units at adjusted prices, while market indicators suggest a period of cautious equilibrium in transaction volumes across major housing estates .