Pak Shek Kok Studio Flat Prices Plunge 27% Over Four Years, PSF Drops from HK$22,662 to HK$16,547
AM730 · 2 SOURCES1 day ago2 MIN
Summary
A studio flat in Pak Shek Kok, Tai Po, has changed hands at HK$4.6 million, marking a steep 27 percent decline from its purchase price four years ago. The vendor, who acquired the 278-square-foot open-plan unit in 2022 for HK$6.3 million, suffered a paper loss of HK$1.7 million amid ongoing downward pressure on secondary market prices in the district. First-home buyers remain the active purchasers in this segment of the market.
Key Points
- The property at W Cloud Tower 6, High Floor B1, with a saleable area of approximately 278 sq ft, was sold for HK$4.6 million, equating to about HK$16,547 per sq ft .
- The unit was originally listed at HK$4.9 million before the seller agreed to a HK$300,000 price reduction through negotiation .
- The original owner purchased the property in 2022 for HK$6.3 million at a cost of HK$22,662 per sq ft, and after holding it for about four years, recorded a paper loss of HK$1.7 million .
- The buyer is a first-time home purchaser who decided to acquire the unit for self-use after considering the suitable layout and reasonable price .
- W Cloud, located at 12 Fo Chun Road in the Tai Po hillside area, was completed in 2019 and comprises 10 towers across two phases with a total of 1,444 units .
Why It Matters
The sharp depreciation in Pak Shek Kok studio unit values highlights the sustained pressure that new supply has placed on secondary market prices in Hong Kong's emerging residential districts . For prospective first-time buyers, the price correction offers entry opportunities, but for existing property owners, the data underscores the financial risks of investing in areas with abundant new supply .
The sharp depreciation in Pak Shek Kok studio unit values highlights the sustained pressure that new supply has placed on secondary market prices in Hong Kong's emerging residential districts . For prospective first-time buyers, the price correction offers entry opportunities, but for existing property owners, the data underscores the financial risks of investing in areas with abundant new supply .