Investor Snaps Up Tseung Kwan O Flat for HK$8.08M, Books Over HK$6.34M Profit
SingTao · 1 SOURCESabout 2 hours ago6 MIN
Summary
A property transaction at Maritime Bay (蔚藍灣畔) in Tseung Kwan O has highlighted the substantial returns available to long-term property investors in Hong Kong. According to Ricacorp Properties agent Yeung Hoi-chun, an investor purchased a two-bedroom unit at Block 6 of Maritime Bay for HK$8.08 million, after negotiating down from the asking price of HK$8.28 million . The property, spanning 505 square feet with a southeast-facing orientation, was originally acquired by the seller in 2004 for HK$1.738 million, translating into a paper profit exceeding HK$6.34 million after nearly two decades of ownership .
In a separate rental transaction, a one-bedroom flat at Ying Yu (映御) in Yuen Long has been leased to an IT professional for HK$13,500 per month. Ricacorp Properties senior joint director Ng Cheuk-ting disclosed that the 374-sq-ft unit at Block 1 was rented at approximately HK$36 per sq ft, generating a rental yield of around 3.8 percent for the owner who purchased the property in 2016 for HK$4.2624 million .
Key Points
- The 505-sq-ft two-bedroom unit at Maritime Bay Block 6 sold for HK$8.08 million, equating to roughly HK$16,000 per sq ft
- The original owner bought the property in 2004 for HK$1.738 million on the primary market, marking a paper gain exceeding HK$6.34 million
- The buyer, an investor sourced through Ricacorp's genuine inventory platform, was attracted by the estate's proximity to MTR stations and comprehensive surrounding amenities
- The Yuen Long rental at Ying Yu Block 1 features a monthly rent of HK$13,500, delivering a rental yield of approximately 3.8 percent
- The IT tenant appreciated the quiet environment, practical layout, and open views of the Ying Yu property
Why It Matters
This transaction illustrates how Hong Kong's long-term property market continues to generate significant wealth for early investors who held assets through multiple market cycles. The nearly HK$6.34 million profit underscores the enduring appeal of railway-adjacent residential developments in the New Territories, while the 3.8 percent rental yield from the Yuen Long unit demonstrates that income-focused investors can still achieve respectable returns amid varying market conditions .
This transaction illustrates how Hong Kong's long-term property market continues to generate significant wealth for early investors who held assets through multiple market cycles. The nearly HK$6.34 million profit underscores the enduring appeal of railway-adjacent residential developments in the New Territories, while the 3.8 percent rental yield from the Yuen Long unit demonstrates that income-focused investors can still achieve respectable returns amid varying market conditions .