Sha Tin Property Sale Records HK$1.08M Loss After Six-Year Hold
On.cc · 2 SOURCESabout 1 hour ago4 MIN
Summary
A three-bedroom unit at Green Lake Garden (翠湖花園) in Sha Tin has changed hands at a loss exceeding HK$1 million. The 694-sq-ft apartment in E-Tower was sold for HK$8.88 million after negotiations, representing a depreciation of approximately 10.8% over six years. The local buyer secured the property for personal use after the seller reduced the asking price by HK$400,000.
Key Points
- The property is located at E-Tower, Mid Floor, Unit 02, Green Lake Garden, Shek Mun, with a sale price of HK$8.88 million
- The 694-sq-ft three-bedroom with ensuite unit originally listed at HK$9.28 million, reduced by HK$400,000 or 4.3% to close the deal
- Centaline Property agent Ng Ka-kuen facilitated the transaction, with the buyer being a local resident who found the location convenient and price reasonable
- The previous owner purchased the unit in 2020 for HK$9.96 million and suffered a nominal loss of approximately HK$1.08 million upon resale
- The property, built in 1989, comprises 840 units across 6 towers in two phases, situated at 11-17 On King Street
Why It Matters
This transaction reflects ongoing price corrections in Hong Kong's secondary housing market, where some sellers are accepting significant losses to exit positions. The 10.8% depreciation over six years highlights how residential properties in the New Territories are not guaranteed to appreciate, particularly when market sentiment remains cautious .
This transaction reflects ongoing price corrections in Hong Kong's secondary housing market, where some sellers are accepting significant losses to exit positions. The 10.8% depreciation over six years highlights how residential properties in the New Territories are not guaranteed to appreciate, particularly when market sentiment remains cautious .