Overseas Buyer Purchases Tsuen Wan City Plaza Unit for HK$9.28 Million
AM730 · 1 SOURCESabout 2 hours ago1 MIN
Summary
An overseas investor has acquired a three-bedroom suite at City Plaza in Tsuen Wan for HK$9.28 million, according to Midland Realty. The 745-sq-ft unit, which comes with elegant new renovations, was originally listed at HK$9.5 million before the price was reduced by HK$220,000 through negotiation. The buyer plans to generate rental income initially, with the option to accommodate family members if children relocate to Hong Kong in the future.
Key Points
- The property at City Plaza Block B, mid-floor unit 1, spans 745 square feet with a 3-bedroom en-suite layout and new finishes throughout
- Transaction price of HK$9.28 million reflects a HK$220,000 reduction from the original asking price of HK$9.5 million, translating to approximately HK$12,456 per square foot
- Expected rental income of HK$28,000 per month yields a gross rental return of roughly 3.6 percent
- Original owner purchased the unit in 2010 for HK$5.2 million and sold for HK$4.08 million profit after 16 years of ownership
- City Plaza at 67-95 Tsuen Wan Street was completed in 1989 and comprises 2 residential blocks with 232 units total
Why It Matters
The transaction signals growing confidence among overseas buyers in Hong Kong's property market, which has seen significant price corrections from peak levels. This trend could support market recovery as more investors perceive current valuations as attractive entry points.
The transaction signals growing confidence among overseas buyers in Hong Kong's property market, which has seen significant price corrections from peak levels. This trend could support market recovery as more investors perceive current valuations as attractive entry points.