Investor Purchases Sea-View North Point Flat for HK$6.7M, Yielding 3.8%
On.cc · 2 SOURCES1 day ago2 MIN
Summary
A sea-view two-bedroom unit at Kin Fai Garden in North Point has been sold to an investor for HK$6.7 million, representing HK$15,022 per square foot. The 446 sq ft property, which features renovations and unobstructed harbour views extending to Hung Hom and Kai Tak, was described as the estate's "king of the building" unit. The buyer secured a rental yield of approximately 3.8% based on prevailing market rents of HK$21,000. The vendor, who originally purchased the flat in 2016 for HK$5.73 million, achieved a profit of HK$970,000 after a decade of ownership, reflecting property appreciation of roughly 17%.
Key Points
- Kin Fai Garden, located at 560 King's Road in North Point, was completed in 1979 and comprises 6 blocks with a total of 1,104 units
- The investor buyer specifically targeted the unit for its rental return potential, with expected monthly rent of HK$21,000 yielding 3.8%
- Block C, High Floor, Unit 1 features renovated interiors and panoramic sea views
- Original purchase price in 2016 was HK$5.73 million, generating HK$970,000 profit over 10 years
- Unit's usable area is approximately 446 sq ft, with HK$15,022 per sq ft sale price
Why It Matters
The transaction reflects continued investor appetite for residential properties in Hong Kong's traditional prime locations, with sea-view units in North Point commanding premium prices and delivering stable rental yields. This sale demonstrates how well-positioned properties in older but well-maintained estates can still appreciate significantly over a decade-long holding period while providing income returns for buy-to-let investors.
The transaction reflects continued investor appetite for residential properties in Hong Kong's traditional prime locations, with sea-view units in North Point commanding premium prices and delivering stable rental yields. This sale demonstrates how well-positioned properties in older but well-maintained estates can still appreciate significantly over a decade-long holding period while providing income returns for buy-to-let investors.