Taikoo Shing 3-Bed Flat Sold at HK$16.3M, Seller Logs 1.2% Loss After 4.5 Years
SingTao · 2 SOURCESabout 2 hours ago6 MIN
Summary
A mid-floor three-bedroom apartment in Taikoo Shing, one of Hong Kong's most prominent "blue-chip" housing estates, has changed hands for HK$16.3 million, marking a modest 1.2% paper loss for the seller after a holding period of approximately four and a half years. The 759-sq-ft unit in Hai Tin Mansion attracted an end-user buyer from outside the district, who secured the property after the seller reduced the asking price by HK$10 million from the initial listing of HK$17.3 million at the beginning of this month. The transaction reflects ongoing softness in Hong Kong's secondary residential market, where sellers are increasingly willing to accept price concessions to complete deals.
Key Points
- The property at Hai Tin Mansion, Taikoo Shing, features a southwest-facing aspect overlooking the swimming pool and internal garden, with elegant interior finishes
- The unit was listed at HK$17.3 million on September 1 and after negotiations the seller accepted a reduction of HK$10 million (5.8%) to close at HK$16.3 million
- The original owner purchased the property in January 2022 for HK$16.5 million, holding it for about 4.5 years before selling at a paper loss of HK$200,000
- The sale price equates to HK$21,476 per sq ft of saleable area, reflecting current market valuations in the Quarry Bay area
- Separately, a 297-sq-ft one-bedroom unit at Ma On Shan Veranda (薈朗) sold for HK$4.3 million, with the seller absorbing a deeper loss of approximately HK$750,000 or 14.9% after six years
Why It Matters
This transaction illustrates the cautious sentiment prevailing in Hong Kong's secondary property market, where even holders of prime residential stock in established estates like Taikoo Shing are accepting marginal losses to exit. The seller in this case had held the property for over four years yet could not achieve capital appreciation, suggesting that recent interest rate pressures and economic uncertainty continue to weigh on residential price growth. For prospective buyers, the willingness of sellers to negotiate discounts of nearly 6% indicates some bargaining power remains in the market, which could encourage more transaction activity in the coming months .
This transaction illustrates the cautious sentiment prevailing in Hong Kong's secondary property market, where even holders of prime residential stock in established estates like Taikoo Shing are accepting marginal losses to exit. The seller in this case had held the property for over four years yet could not achieve capital appreciation, suggesting that recent interest rate pressures and economic uncertainty continue to weigh on residential price growth. For prospective buyers, the willingness of sellers to negotiate discounts of nearly 6% indicates some bargaining power remains in the market, which could encourage more transaction activity in the coming months .