Kowloon Bay Amoy Gardens Two-Bed Sells at HK$5.23M, Owner Loses Nearly HK$1M in Six Years
AM730 · 2 SOURCESabout 4 hours ago5 MIN
Summary
A two-bedroom unit in Kowloon Bay's popular Amoy Gardens estate has been sold at a significant loss, with the original owner losing nearly HK$1 million after holding the property for approximately six years. The 390-sq-ft unit fetched HK$5.23 million, representing a depreciation of about 15.4% from the original purchase price of HK$6.18 million. This transaction underscores the ongoing challenges facing Hong Kong's residential property market, where resale property prices remain well below their previous peaks, forcing some long-term owners to accept substantial losses upon sale.
Key Points
- The unit at Block D, Mid Floor, Flat 2 in Amoy Gardens sold for HK$5.23 million, or approximately HK$13,410 per sq ft
- The previous owner purchased the property in October 2020 for HK$6.18 million, resulting in a paper loss of HK$950,000 over nearly six years
- Agent Chan Wan-chung (陳允中) from Central and West Kowloon Branch of Centaline Property Agency facilitated the transaction
- September 2026 has recorded three transactions in Amoy Gardens so far, with an average price of approximately HK$13,341 per sq ft
- Built in 1981, Amoy Gardens comprises 19 residential blocks across four phases, providing a total of 4,896 units at 77 Ngau Tau Kok Road
Why It Matters
For young families and first-time buyers considering entering Hong Kong's property market, this deal illustrates the financial risks involved. Purchasing at the wrong time can result in immediate paper losses exceeding HK$1 million, potentially delaying wealth accumulation and affecting long-term financial planning . Despite such individual losses, the broader market shows resilience, with transaction volumes in established districts like Kowloon Bay remaining relatively stable despite ongoing price corrections .
For young families and first-time buyers considering entering Hong Kong's property market, this deal illustrates the financial risks involved. Purchasing at the wrong time can result in immediate paper losses exceeding HK$1 million, potentially delaying wealth accumulation and affecting long-term financial planning . Despite such individual losses, the broader market shows resilience, with transaction volumes in established districts like Kowloon Bay remaining relatively stable despite ongoing price corrections .