First-time Buyer Pays HK$8.58M for Cheung Sha Wan 2-Bed Flat, Seller Logs 17% Gain After 11 Years
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong's secondary property market continues to attract buyers seeking quality units, with a first-time purchaser acquiring a two-bedroom flat at Hei Fai in Cheung Sha Wan for HK$8.58 million. The deal closed after the buyer viewed the property only once, reflecting strong confidence in the market. The seller, who had held the flat since August 2015, realized a paper profit exceeding HK$1.26 million. Meanwhile, another residential transaction in Kennedy Town's Grandview Garden also completed, demonstrating continued activity in Hong Kong's resale property market despite broader market uncertainties.
Key Points
- The unit at Tower 2, High Floor, Flat C, Hei Fai in Cheung Sha Wan spans approximately 505 sq ft of practical space with a two-bedroom layout and southeast-facing orientation offering open city views
- The first-time buyer paid HK$8.58 million after one viewing, down from the original asking price of HK$8.88 million, translating to approximately HK$16,990 per sq ft
- The seller purchased the property in August 2015 for approximately HK$7.316 million and held it for about 11 years before selling, generating a paper profit of around HK$1.264 million
- Zeng Jiahui, Branch Chief Joint Managing Director at Hong Kong Property, noted that quality secondhand units are being snapped up quickly by buyers
- A separate transaction involved Flat 1 on Tower D, Grandview Garden in Kennedy Town, sold for HK$4.59 million (below the HK$4.99 million asking price) after the 2013 purchase price of HK$3.8 million
Why It Matters
These transactions underscore persistent demand for well-located secondhand flats in Hong Kong, where proximity to MTR stations and practical layouts continue to command premium prices . The reported paper profits reflect the long-term wealth-creation potential of residential property in the city, though they also highlight ongoing affordability challenges for first-time buyers entering the market .
These transactions underscore persistent demand for well-located secondhand flats in Hong Kong, where proximity to MTR stations and practical layouts continue to command premium prices . The reported paper profits reflect the long-term wealth-creation potential of residential property in the city, though they also highlight ongoing affordability challenges for first-time buyers entering the market .