Fanling One Innovale Open-Plan Unit Sold at HK$3M, Owner Logs HK$263K Loss After Four Years
SingTao · 2 SOURCESabout 2 hours ago2 MIN
Summary
The Northern Metropolis real estate market continues to see losses for investors who purchased at peak prices. A micro open-plan unit at ONE INNOVALE in Fanling sold for exactly HK$3 million — colloquially known as "3 balls" — while a two-bedroom flat in Yuen Long also ended in a loss, highlighting the ongoing correction in the secondary property market despite recent signs of stabilisation.
Key Points
- A high-floor open-plan unit (Unit A18) at ONE INNOVALE-Archway, measuring 208 sq ft, was sold for HK$3 million to an end-user buyer
- The unit was originally listed at HK$3.05 million; the buyer negotiated a HK$50,000 reduction, translating to HK$14,423 per sq ft
- The previous owner bought the property in August 2022 for HK$3.263 million and sold it after holding for approximately four years, incurring a paper loss of HK$263,000 (8.1% depreciation)
- Separately, a 490-sq-ft two-bedroom unit with enclosed kitchen at Langa Cityville Tower 3 High Floor F was sold for HK$7.538 million (HK$15,384 per sq ft) to a first-time buyer
- The Langa Cityville seller purchased the unit in April 2019 for HK$8.146 million and held it for seven years, recording a loss of HK$608,000 (7.5% decline)
Why It Matters
The consecutive loss-making transactions underscore that even as property prices have recovered from their lows, investors who bought during the market peak in the Northern Metropolis New Development Area remain saddled with losses. For prospective buyers, these cases illustrate that proximity to MTR stations and quality finishes can still command premium pricing, but they do not guarantee capital preservation for sellers who bought at the wrong time.
The consecutive loss-making transactions underscore that even as property prices have recovered from their lows, investors who bought during the market peak in the Northern Metropolis New Development Area remain saddled with losses. For prospective buyers, these cases illustrate that proximity to MTR stations and quality finishes can still command premium pricing, but they do not guarantee capital preservation for sellers who bought at the wrong time.