Yuen Long MTR-Linked Flat Sells at HK$7.16M, Owner Loses HK$700K After 8 Years
AM730 · 1 SOURCESabout 3 hours ago2 MIN
Summary
A two-bedroom unit at The Spectrum, an MTR-connected residential development in Yuen Long, has changed hands for HK$7.16 million, marking a significant loss for the seller after eight years of ownership. The property, located at 1 Long Ping Muna Wan Road adjacent to MTR Long Ping Station, was sold by a family buyer who secured a discount of approximately 5.8% from the original asking price of HK$7.6 million. The transaction works out to about HK$14,612 per sq ft based on the unit's saleable area of 490 sq ft.
Key Points
- The unit at Tower 3, Low Floor, Flat F, spans 490 sq ft and features two bedrooms with open views and abundant natural light
- The buyer negotiated a HK$440,000 reduction, equivalent to 5.8%, from the original asking price of HK$7.6 million to HK$7.16 million
- The original owner purchased the property in 2018 for approximately HK$7.86 million and suffered a paper loss of about HK$699,500 (8.9%) over eight years
- Ricacorp Properties agent Leung Kam-ho facilitated the transaction through the company's genuine listings platform, with the buyer attracted by the MTR connectivity and comprehensive neighbourhood amenities
- The Spectrum comprises four towers with 720 units in total, completed in 2019 and situated atop MTR Long Ping Station
Why It Matters
This transaction illustrates the continued pressure on Hong Kong's residential market, where even properties in convenient MTR-linked locations are not immune to value depreciation. The Spectrum case underscores how property owners who purchased near the market peak face substantial losses upon resale, particularly in the current high-interest-rate environment. The willingness of buyers to negotiate significant discounts also signals a buyers' market where sellers must remain realistic on pricing to close deals.
This transaction illustrates the continued pressure on Hong Kong's residential market, where even properties in convenient MTR-linked locations are not immune to value depreciation. The Spectrum case underscores how property owners who purchased near the market peak face substantial losses upon resale, particularly in the current high-interest-rate environment. The willingness of buyers to negotiate significant discounts also signals a buyers' market where sellers must remain realistic on pricing to close deals.