Long-term Owners Cash Out with HK$4.5-5 Million Profits as Hong Kong Property Market Stabilizes
AM730 · 1 SOURCESabout 5 hours ago6 MIN
Summary
The secondary housing market in Hong Kong is showing renewed vitality as long-term property owners successfully exit with significant profits. A two-bedroom unit at New Yuen Long Centre in Yuen Long was sold for HK$5.79 million, representing a profit of HK$4.519 million for the original owner who purchased the property in 1993 . Separately, a two-bedroom flat at Whampoa Garden in Hung Hom changed hands for HK$7.77 million, yielding a profit of HK$4.95 million for a seller who bought in 1995 . Industry sources indicate that market sentiment has improved following the introduction of the five-year plan and Policy Address, combined with Hong Kong's decision not to match US interest rate increases.
Key Points
- The New Yuen Long Centre transaction involved Unit D on the low floor of Tower 3, with a practical area of approximately 485 square feet, sold for HK$5.79 million or about HK$11,938 per square foot after a price reduction of HK$290,000 (4.8%) from the original asking price of HK$6.08 million
- The original purchase price of the New Yuen Long Centre unit in 1993 was HK$1.271 million, representing a value appreciation of approximately 3.6 times over the 33-year holding period, yielding a profit of HK$4.519 million
- Wang Qinxue (王勤学), district sales manager at Centaline Property in Yuen Long, noted that the Yuen Long district recorded 18 second-hand transactions last week and 61 transactions accumulated this month, indicating gradual market stabilization
- The Whampoa Garden unit at Tower 5, Phase 2, high floor, features a south-facing layout with ship views and proximity to the MTR station exit, sold for HK$7.77 million or approximately HK$16,674 per square foot
- Wu Guohao (吴国豪), deputy district sales manager at Centaline Property in Whampoa, confirmed the seller purchased the Whampoa Garden unit for approximately HK$2.82 million in 1995, earning a profit of HK$4.95 million after 31 years with a value increase of 1.8 times
Why It Matters
These successful transactions demonstrate that Hong Kong's secondary property market is regaining momentum after a period of uncertainty. The substantial profits earned by long-term owners who held properties for over three decades underscore the continued wealth-preservation role of real estate in Hong Kong. With cautious wait-and-see sentiment fading and transaction volumes recovering, both buyers and sellers appear to be regaining confidence in the market outlook .
These successful transactions demonstrate that Hong Kong's secondary property market is regaining momentum after a period of uncertainty. The substantial profits earned by long-term owners who held properties for over three decades underscore the continued wealth-preservation role of real estate in Hong Kong. With cautious wait-and-see sentiment fading and transaction volumes recovering, both buyers and sellers appear to be regaining confidence in the market outlook .