Ma On Shan Seaview Flat Sells for $10.53M After 16 Years, 59% Gain
SingTao · 2 SOURCESabout 4 hours ago5 MIN
Summary
A three-bedroom flat at Maritime Bay (天宇海) in Ma On Shan was sold for HK$10.53 million, delivering a substantial 59% return to the original owner who purchased the property 16 years earlier. The 787-sq-ft unit with unobstructed Tolo Harbour views fetched HK$13,380 per sq ft after negotiations brought down the price by HK$450,000 or 4.1% from the original asking price. Industry observers note that secondary market prices have rebounded in recent weeks, with per-sq-ft rates at this development climbing back above the HK$13,000 mark for the first time in months. Two additional property transactions were also reported across Hong Kong, including a Home Ownership Scheme flat at Kam On Court that turned a 13.6-fold profit after nearly four decades.
Key Points
- Maritime Bay Tower 1B, Low Floor Flat A: 787 sq ft, 3-bedroom, 2-living-room layout, southwest-facing with Tolo Harbour sea views
- Transaction price: HK$10.53 million; per-sq-ft rate: HK$13,380; original listing was HK$10.98 million, reduced by HK$450,000 (4.1%)
- Original owner purchased in October 2010 for HK$6.62 million; 16-year holding period generated a paper profit of HK$3.91 million
- Century 21 Kefuland (世紀21奇豐) district manager Kitty Wu (胡佩碧) handled the transaction as quoted by Sing Tao Daily
- Maritime Bay at 18 Bao Tai Street was completed in 2011, comprising 12 residential towers and 14 houses with 1,143 units total
Why It Matters
The Maritime Bay sale underscores a broader recovery in Hong Kong's secondary residential market, with per-sq-ft prices returning to levels not seen in recent months. This transaction, alongside the Kam On Court sale generating a 13.6-fold return over 39 years, illustrates how long-term property ownership in strategic locations with harbour views continues to serve as a reliable wealth preservation and appreciation vehicle for Hong Kong homeowners.
The Maritime Bay sale underscores a broader recovery in Hong Kong's secondary residential market, with per-sq-ft prices returning to levels not seen in recent months. This transaction, alongside the Kam On Court sale generating a 13.6-fold return over 39 years, illustrates how long-term property ownership in strategic locations with harbour views continues to serve as a reliable wealth preservation and appreciation vehicle for Hong Kong homeowners.