Tenant Bought Tsuen King Garden Flat for HK$5.45M After Rent Hike
On.cc · 2 SOURCESabout 5 hours ago2 MIN
Summary
A tenant in Tsuen Wan has purchased a two-bedroom flat at Tsuen King Garden for HK$5.45 million after experiencing a significant rent increase and disappointment with the Policy Address. The buyer, a same-district renter, decided to accelerate their path to home ownership when rent rose by over 13 percent. The seller reduced the asking price by HK$350,000, or 6 percent, to help the buyer get onto the property ladder.
Key Points
- Tsuen King Garden Block 2 High Floor Unit D, 434 sq ft, two-bedroom flat, sold for HK$5.45 million (HK$12,558 per sq ft)
- The buyer is a same-district tenant whose rent jumped from HK$15,000 to HK$17,000 per month, a 13 percent increase
- The unit was well-renovated and the buyer could move in immediately after the transaction
- The seller originally asked HK$5.8 million but agreed to HK$5.45 million, reducing the price by HK$350,000 (6 percent)
- The owner purchased the property in March 2017 for HK$4 million and made a capital gain of HK$1.45 million, representing 36 percent appreciation over approximately nine years
Why It Matters
This transaction reflects a growing trend of Hong Kong tenants choosing to purchase property rather than absorb escalating rental costs, particularly when the Policy Address offers no relief measures . Market data shows that Tsuen Wan district saw 42 sales transactions in September, up 6 percent month-over-month, suggesting that price negotiation room has widened to approximately 5 percent .
This transaction reflects a growing trend of Hong Kong tenants choosing to purchase property rather than absorb escalating rental costs, particularly when the Policy Address offers no relief measures . Market data shows that Tsuen Wan district saw 42 sales transactions in September, up 6 percent month-over-month, suggesting that price negotiation room has widened to approximately 5 percent .