Phoenix Floor Two-Bed Flat Sold for $8.1M After Four-Month Listing
On.cc · 2 SOURCESabout 2 hours ago2 MIN
Summary
A two-bedroom flat on the phoenix floor at Island Bay Crescent in Siu Sai Wan has been sold for $8.1 million after four months on the market. The 452-square-foot unit was initially listed at $8.7 million in May but remained unsold until the owner reduced the price to $8.3 million, triggering a quick deal the following day. The seller, who purchased the property in 2005 for $2.65 million, walked away with a capital gain of $5.45 million, representing roughly a twofold increase in value over 21 years.
Key Points
- The property at Tower 5, Flat G, Island Bay Crescent features two bedrooms, two living rooms, and East Kowloon sea views
- Listed at $8.7 million in May 2024, the unit was reduced to $8.3 million before selling for $8.1 million, a 6.9% discount
- The seller purchased the flat for $2.65 million in June 2005, yielding a paper profit of $5.45 million
- The buyer was an end-user attracted by the high phoenix floor, tasteful interiors, abundant storage, and panoramic sea views
- September transactions at the estate have risen to three deals from zero in the same period last month
Why It Matters
This transaction demonstrates how strategic price adjustments can quickly unlock buyer interest in Hong Kong's sluggish secondary property market, where listings have grown stale amid cautious sentiment. The $5.45 million profit underscores the long-term wealth creation potential of residential property ownership in Hong Kong's eastern corridor.
This transaction demonstrates how strategic price adjustments can quickly unlock buyer interest in Hong Kong's sluggish secondary property market, where listings have grown stale amid cautious sentiment. The $5.45 million profit underscores the long-term wealth creation potential of residential property ownership in Hong Kong's eastern corridor.