Cash Buyer Snaps Up Tuen Mun Flat for HK$3.48M, Sellers Cut Deals Across Hong Kong
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
A two-bedroom unit at Ying Fung Yuen in Tuen Mun has been sold for HK$3.48 million, with the buyer securing a discount of HK$120,000 by paying the full amount upfront in cash. The 367-square-foot flat, located in Block 2, Low Floor, Unit F, had an original asking price of HK$3.6 million before the price reduction. The seller, who purchased the property in 2014 for approximately HK$2.888 million, made a paper profit of about HK$592,000 over approximately 12 years, representing a capital appreciation of about 20 percent. The transaction was facilitated by Ricacorp agent Lam Ying-kit, who identified the cash buyer and negotiated the deal .
Key Points
- The buyer of Ying Fung Yuen Unit F paid the full HK$3.48 million immediately, earning a HK$120,000 discount from the HK$3.6 million asking price .
- The property has a usable area of approximately 367 square feet with a two-bedroom layout, translating to a price per square foot of about HK$9,482 .
- In North Point, a mid-level unit at Bao Court on Wa Fu Dao sold for HK$4.25 million, representing a price reduction of HK$250,000 or 5.6 percent from the asking price of HK$4.5 million .
- A luxury three-bedroom unit with study at Jubilee Court in North Point sold for HK$20 million without negotiation, at approximately HK$23,256 per square foot .
- A three-bedroom unit at Ocean Shores in Hung Hom achieved a record price for its type at HK$17.88 million, with views of the park and Victoria Harbour fireworks .
Why It Matters
The continued flow of property transactions across Hong Kong, from affordable suburban units to luxury apartments in prime locations, indicates sustained demand in the residential market despite broader economic uncertainties. The willingness of buyers to pay cash premiums for speed demonstrates ongoing confidence in Hong Kong real estate as a store of value, while the varied transaction prices across districts reflect the diverse nature of the property market serving different buyer segments .
The continued flow of property transactions across Hong Kong, from affordable suburban units to luxury apartments in prime locations, indicates sustained demand in the residential market despite broader economic uncertainties. The willingness of buyers to pay cash premiums for speed demonstrates ongoing confidence in Hong Kong real estate as a store of value, while the varied transaction prices across districts reflect the diverse nature of the property market serving different buyer segments .