Home Upgrader Buys Tuen Mun 3-Bed for $6.43M; Tung Chung Flat Logs $300K Loss Over 7 Years
On.cc · 1 SOURCESabout 2 hours ago8 MIN
Summary
A home upgrader has purchased a 3-bedroom unit at Wealthy Garden (慧豐園) in Tuen Mun for $6.43 million after searching for over two years, marking a successful exit for the previous owner who bought the property in 2023 for $5.35 million and made a paper profit of approximately $1.08 million. Meanwhile, a 2-bedroom flat at Eastern Circle (東環) Phase 1 in Tung Chung was sold at a loss, with the former owner selling after holding the property for approximately seven years since 2019, resulting in a paper loss of $300,000 despite the unit being on the market for about three years. The Hong Kong secondary residential market continues to see varied outcomes across different districts, with some owners recording substantial gains while others face losses amid shifting market conditions.
Key Points
- Tuen Mun transaction: A resident upgrader purchased Wealthy Garden Tower 3 Mid-B floor B, a 646-sq-ft 3-bedroom unit, for $6.43 million ($9,954 per sq ft) after viewing the renovated property, securing a $170,000 discount from the asking price .
- The previous owner of the Wealthy Garden unit bought it for approximately $5.35 million in 2023 and made a paper profit of about $1.08 million when selling for $6.43 million .
- Tung Chung loss case: Eastern Circle Phase 1 Tower 3A Mid-B floor 7, a 463-sq-ft 2-bedroom unit, was sold for $5.7 million ($12,311 per sq ft) to a young couple, with the husband working at the airport .
- The Eastern Circle seller purchased the unit in 2019 for $6 million as a rental investment, listed it for approximately three years, and recorded a paper loss of $300,000 upon sale .
- Yuen Long district recorded approximately 86 secondary transactions in August, up about 15% month-over-month, including a 598-sq-ft 3-bedroom unit at Breeze Pinpoint sold for $8.5198 million ($14,247 per sq ft) .
- Other notable transactions include a 775-sq-ft 3-bedroom with storage room at Grand Decent in Sham Tseng sold for $9.8 million ($12,645 per sq ft) to a cross-district upgrader who viewed the property four times .
- Tai Wai saw premium transactions, with a 942-sq-ft 3-bedroom at Dragon Garden (聚龍居) with parking sold for $12.8 million ($13,588 per sq ft), representing a near-record price per sq ft for the estate .
- The Palazzo (帝柏海灣) at Olympic station recorded a $9.98 million transaction for a 476-sq-ft 2-bedroom unit, with the original owner having bought it in 2008 for $4.06 million, yielding a paper profit of approximately $5.92 million .
Why It Matters
The contrasting outcomes between the Wealthy Garden and Eastern Circle transactions illustrate the divergent fortunes in Hong Kong's secondary property market, where location, property condition, and timing continue to significantly impact investment returns. The Yuen Long district's 15% month-over-month increase in August transactions suggests sustained demand in the New Territories, even as some long-term investors in outlying areas like Tung Chung face losses after years of waiting to exit .
The contrasting outcomes between the Wealthy Garden and Eastern Circle transactions illustrate the divergent fortunes in Hong Kong's secondary property market, where location, property condition, and timing continue to significantly impact investment returns. The Yuen Long district's 15% month-over-month increase in August transactions suggests sustained demand in the New Territories, even as some long-term investors in outlying areas like Tung Chung face losses after years of waiting to exit .