Quarry Bay Flat Surges 14-Fold Over 40 Years as Pak Shek Kok Unit Books HK$510K Loss
On.cc · 1 SOURCESabout 4 hours ago5 MIN
Summary
Long-term property owners in Hong Kong continued to reap substantial gains as the secondary market delivered contrasting outcomes between established districts and newer development areas. A two-bedroom unit at Wan Lan Garden (華蘭花園) in Quarry Bay sold for HK$6.28 million, delivering the original owner who purchased in 1986 a 14-fold return over four decades. Meanwhile, a one-bedroom flat at Oaking III (海日灣II) in Pak Shek Kok fetched HK$6.5 million, representing a 7.3% loss for the seller who bought in 2019.
Key Points
- Wan Lan Garden's Zhi Lan Block (芝蘭閣) mid-floor B-unit, spanning 396 sq ft with two bedrooms, changed hands at HK$6.28 million (HK$15,859 per sq ft); the original buyer paid just HK$410,000 in 1986, booking HK$5.87 million in profit
- Kornhill (康怡花園) Tower E high-floor unit 5 (596 sq ft, three bedrooms) sold for HK$9.18 million, delivering a 2.6-fold gain over 24 years for the 2002 buyer
- South Horizons (海怡半島) Tower 8 high-floor F-unit (742 sq ft, four-bedroom) fetched HK$12.78 million; the 2007 buyer realized HK$8 million profit
- Oaking III (海日灣II) Tower 10 high-floor C-unit (396 sq ft, one-bedroom plus study) sold at HK$6.5 million without negotiation, representing a HK$510,000 loss from the 2019 purchase price of HK$7.01 million
- A Tsuen Wan Kingswood (麗城花園) unit at Yue Hu Zhuang (悅湖山莊) was acquired via the unpaid secondary market for HK$4.25 million by a green-form applicant seeking more living space
- One Kingswood (嘉湖山莊) buyer arrived through the Top Talent Pass Scheme and purchased a 551 sq ft unit for HK$4.406 million
- The Tsuen Wan district recorded 82 secondary transactions in August, a 14% month-on-month increase
Why It Matters
The divergent outcomes underscore the risk premium attached to newer developments versus matured estates in prime locations, with Pak Shek Kok's Oaking III joining a list of post-2019 new projects that have yet to recover to original purchase prices. The continued surge in Tsuen Wan transactions and the entry of talent scheme recipients into the market signal shifting demand patterns that could reshape secondary market dynamics in coming quarters .
The divergent outcomes underscore the risk premium attached to newer developments versus matured estates in prime locations, with Pak Shek Kok's Oaking III joining a list of post-2019 new projects that have yet to recover to original purchase prices. The continued surge in Tsuen Wan transactions and the entry of talent scheme recipients into the market signal shifting demand patterns that could reshape secondary market dynamics in coming quarters .