Silver Jubilee Garden Unit Hits 3-Year High at HK$7.3M, While University Hill Flat Books HK$340K Loss
On.cc · 1 SOURCES1 day ago2 MIN
Summary
Hong Kong's secondary housing market is showing divergent trends, with some estates recording new highs while others see continued price corrections. A two-bedroom unit at Silver Jubilee Garden in Fo Tan sold for HK$7.3 million, setting a three-year high for similar units in the development, according to Midland Realty . The buyer, described as a persistent purchaser, was willing to pay a premium to secure the property. In contrast, a two-bedroom flat at University Hill in Pak Shek Kok's Pak Shek Kok area sold for HK$6.66 million, with the original owner incurring a loss of HK$340,000 after purchasing for HK$700,000 in 2023 .
Key Points
- Silver Jubilee Garden Tower 8 High Floor Flat F, with a saleable area of 506 sq ft, fetched HK$7.3 million (HK$14,427 per sq ft), the highest price for a two-bedroom unit in three years .
- The Fo Tan property's original owner bought in 2019 for HK$6 million, netting a profit of HK$1.3 million or 21.7% over approximately seven years .
- University Hill Phase 2B Tower 2 Low Floor B2 unit, with saleable area of 406 sq ft, sold to a mainland buyer unable to purchase new developments, at a loss of HK$340,000 from the original HK$7 million purchase price in 2023 .
- Additional transactions include Western District's Fu King Garden (HK$11.35 million), Siu Sai Wan's Grand Promenade (HK$7.8 million), and Happy Valley's Beverly Hill (HK$38 million) .
- Yuet Tung Estate in Tung Chung recorded a one-bedroom unit sold for HK$2.36 million, while Cheung On Estate in Tsing Yi sold for HK$2.938 million, with the latter buyer being a White Form applicant .
Why It Matters
The contrasting outcomes in Silver Jubilee Garden and University Hill reflect the uneven recovery in Hong Kong's property market, where established estates in traditional residential areas continue to attract buyers willing to pay premiums, while newer developments in outlying areas face price pressure amid economic uncertainty and mainland buyer restrictions . These transaction patterns indicate that buyers are increasingly prioritizing location and established community over new project attractions, which could reshape development strategies for future projects in the Northern Metropolis and other growth areas .
The contrasting outcomes in Silver Jubilee Garden and University Hill reflect the uneven recovery in Hong Kong's property market, where established estates in traditional residential areas continue to attract buyers willing to pay premiums, while newer developments in outlying areas face price pressure amid economic uncertainty and mainland buyer restrictions . These transaction patterns indicate that buyers are increasingly prioritizing location and established community over new project attractions, which could reshape development strategies for future projects in the Northern Metropolis and other growth areas .