Blue Bay Crescent 2-Bed Sold at Record 17,068 Per Sq Ft After Price Cut
AM730 · 1 SOURCESabout 2 hours ago2 MIN
Summary
A two-bedroom unit at Blue Bay Crescent in Siu Sai Wan has been sold for HK$7.8 million, achieving a record price per square foot exceeding HK$17,000, after the owner reduced the asking price and found a buyer within just one week. The property, located on the highest floor of Block 5, attracted an investor buyer who was drawn to its panoramic sea views of eastern Kowloon and the greenery of Pottinger Peak. This transaction represents a 22.3% appreciation over 11 years for the previous owner, who purchased the unit in 2015.
Key Points
- The two-bedroom unit at Blue Bay Crescent Block 5, Tower G, spans 457 sq ft and overlooks partial eastern Kowloon sea views and Pottinger Peak's green scenery
- The unit was listed exclusively with Century 21 Q Power in April at an original asking price of HK$8.3 million
- The owner reduced the price to HK$8 million at the end of August, and the unit sold for HK$7.8 million just one week later
- The price per square foot of approximately HK$17,068 surpassed previous market highs for comparable units
- The original owner purchased the property in 2015 for HK$6.38 million and pocketed a profit of HK$1.42 million after holding for 11 years
- Blue Bay Crescent, situated at 28 Siu Sai Wan Road, was completed in 2001 and comprises 8 towers with a total of 3,098 units
- The development recorded 2 transactions in the first week of September, compared to zero transactions during the same period in August
Why It Matters
This deal signals renewed momentum in Hong Kong's secondary property market, with Blue Bay Crescent's two transactions in the first week of September already exceeding the entire previous month's zero transactions. The price per square foot exceeding HK$17,000 sets a new benchmark for the development and may encourage other owners to list properties, potentially driving further market activity in Siu Sai Wan .
This deal signals renewed momentum in Hong Kong's secondary property market, with Blue Bay Crescent's two transactions in the first week of September already exceeding the entire previous month's zero transactions. The price per square foot exceeding HK$17,000 sets a new benchmark for the development and may encourage other owners to list properties, potentially driving further market activity in Siu Sai Wan .