Discovery Park Owner Cashes Out, Raises Two-Bed to HK$6.95M After Lease Ends
On.cc · 2 SOURCESabout 4 hours ago4 MIN
Summary
A Tsuen Wan Discovery Park two-bedroom unit has sold for HK$6.95 million after its owner decided to cash out following the expiry of a tenancy agreement. The seller, who purchased the property in 1998, made a substantial profit of HK$4.15 million after holding the asset for 28 years. A first-time buyer acquired the unit without negotiation, attracted by the development's integrated shopping mall and direct sky bridge connection to the MTR station.
Key Points
- Discovery Park Block 6 mid-floor unit F, 485 sq ft with two bedrooms and mountain views, sold for HK$6.95 million (HK$14,330 per sq ft)
- Owner initially listed at HK$6.6 million in March, raised price to HK$6.95 million in August after lease expired, then sold at asking price with zero negotiation
- Buyer was a first-time homeowner who had been searching for approximately one month before deciding to purchase at full asking price
- Original purchase price was HK$2.8 million in 1998, generating HK$4.15 million profit over 28 years, representing a 150% appreciation
- Discovery Park (荃灣愉景新城), located at 398 Castle Peak Road, was completed in 1997 and comprises 12 blocks across three phases with 3,360 units
Why It Matters
This transaction demonstrates continued confidence among Hong Kong homeowners with long-held properties in deciding to liquidate their assets amid a stabilizing property market . The successful sale without negotiation suggests that well-positioned residential developments with comprehensive amenities and MTR connectivity continue to command strong demand from first-time buyers seeking quality housing .
This transaction demonstrates continued confidence among Hong Kong homeowners with long-held properties in deciding to liquidate their assets amid a stabilizing property market . The successful sale without negotiation suggests that well-positioned residential developments with comprehensive amenities and MTR connectivity continue to command strong demand from first-time buyers seeking quality housing .