Upgrader Pays HK$18.8M for Provident Centre Three-Bed Flat, Vendor Logs HK$5.12M Profit After 12 Years
AM730 · 1 SOURCESabout 2 hours ago2 MIN
Summary
A property upgrader has acquired a three-bedroom plus helper's room unit at Provident Centre in North Point for HK$18.8 million, after the asking price was reduced by HK$1 million during the negotiation process. The original owner, who purchased the property in 2014 for HK$13.68 million, has recorded a paper profit of HK$5.12 million following the sale. The transaction represents the first significant unit transaction recorded at the estate this month, according to Centaline Property's North Point Mid-Levels branch.
Key Points
- The unit, situated at Block 8 Low Floor Unit B of Provident Centre, spans a saleable area of approximately 1,308 sq ft and features a three-bedroom ensuite layout with a helper's room
- The property, facing north with views of the Eastern Harbour Crossing and sea, was listed in March this year at HK$19.8 million before the price was cut by HK$1 million to close the deal at HK$18.8 million, translating to HK$14,373 per sq ft
- The buyer is an upgrader seeking more space, attracted by the estate's prime Hong Kong Island location, multiple bus routes connecting to various districts, and proximity to the East Coast boardwalk and shopping malls
- The original owner purchased the unit for HK$13.68 million in 2014, holding it for approximately 12 years before selling, earning a paper profit of HK$5.12 million with 37.4% appreciation
- Provident Centre, located at 21-53 Wharf Road in North Point, was completed in 1982 and comprises 17 blocks with 1,450 units; the estate recently completed a major renovation programme
Why It Matters
This transaction reflects sustained demand for quality large units in Hong Kong Island's traditional residential districts, where upgrader buyers prioritise location, connectivity, and amenities. The 37.4% capital appreciation over 12 years underscores the long-term value retention of well-positioned North Point properties, even as the market cycles through periods of adjustment.
This transaction reflects sustained demand for quality large units in Hong Kong Island's traditional residential districts, where upgrader buyers prioritise location, connectivity, and amenities. The 37.4% capital appreciation over 12 years underscores the long-term value retention of well-positioned North Point properties, even as the market cycles through periods of adjustment.