Sai Kung Property Loss Narrows as 3-Bed Unit Sells for HK$14.2M
SingTao · 2 SOURCESabout 4 hours ago5 MIN
Summary
A three-bedroom unit at Ocean Shores (傲瀧) in Clear Water Bay, Sai Kung, has been sold for HK$14.2 million, marking one of the narrowest losses for sellers in that estate recently. The original owner bought the property for HK$16.26 million in March 2018 and sold it after eight years at a loss of about HK$2.06 million, or 12.7 percent . The transaction reflects a broader market recovery, with comparable units now trading 42 percent higher than they did approximately 18 months ago . Separately, a three-bedroom unit at Mantin Heights (皓畋) in Ho Man Tin sold for HK$14.96 million, with its seller absorbing a loss of HK$2.07 million after nine years .
Key Points
- The sale involved Unit E on the lower floor of Tower 8 at Ocean Shores, a development at 663 Clear Water Bay Road with 680 units across 27 towers built in 2016
- The 968-sq-ft three-bedroom unit with master suite and helper's room fetched HK$14.2 million, or HK$14,669 per sq ft
- The seller originally purchased the unit directly from the developer in March 2018 for HK$16.26 million, enduring an 8-year holding period before selling
- Compared to April last year when a similar unit sold for only HK$10 million, the current price represents a recovery of HK$4.2 million or 42 percent
- Another transaction at Mantin Heights in Ho Man Tin involved a 667-sq-ft three-bedroom unit sold for HK$14.96 million at HK$22,429 per sq ft, with the seller losing HK$2.07 million or 12 percent after nine years
Why It Matters
Ocean Shores has consistently recorded the highest number of loss-making secondary market transactions in the Sai Kung area in recent years, making this sale a notable exception that signals improving market sentiment . With property prices rising for over a year and resale listing supply shrinking significantly, owners who purchased at peak prices are finally seeing their losses diminish, potentially encouraging more transactions in previously stagnant luxury segments .
Ocean Shores has consistently recorded the highest number of loss-making secondary market transactions in the Sai Kung area in recent years, making this sale a notable exception that signals improving market sentiment . With property prices rising for over a year and resale listing supply shrinking significantly, owners who purchased at peak prices are finally seeing their losses diminish, potentially encouraging more transactions in previously stagnant luxury segments .