Yuen Long flat gains, Tai Po home loses value
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong's secondary housing market is still producing mixed outcomes, with some owners taking modest gains while others accept losses to cash out. The clearest contrast came from Yuen Long's Uptown Peak, where a semi-new one-bedroom flat sold for HK$4.28 million after a price cut, and Tai Po Centre, where a two-bedroom unit sold for HK$5.2 million at a paper loss after about nine years. Across the city, recent transactions reported on October 7 ranged from public housing and Home Ownership Scheme flats to private estates, with many deals completed only after discounts from asking prices
Key Points
- Centaline's Chan Hon said Uptown Peak Block 2, a high-floor E unit in Yuen Long, measuring about 288 square feet, sold for HK$4.28 million, or about HK$14,861 per square foot
- The Uptown Peak seller had bought the flat first-hand in March last year for HK$3.954 million and exited after about one and a half years with a paper gain of HK$326,000, or roughly 8%
- Centaline's Choi Chong-man said Tai Po Centre Block 8, a low-floor H unit with 451 square feet and two bedrooms, changed hands for HK$5.2 million after negotiations, or about HK$11,530 per square foot
- The Tai Po Centre owner bought in 2017 for about HK$5.66 million and, after about nine years, recorded a paper loss of HK$460,000, equivalent to about 8% depreciation
- Other reported deals showed wide dispersion: a Racecourse district flat in Happy Valley nearly doubled since 2007, while Wong Tai Sin's Lions Rise sold below market after bargaining
Why It Matters
For Hong Kong buyers and sellers, the latest deals show that headline market direction alone does not determine returns; timing, estate selection and original purchase price can lead to very different outcomes even in the same market. The prevalence of price cuts before deals were struck also suggests that realistic pricing remains central to completing transactions in an uncertain environment