Retiree Pays Full Cash for Upper Town Flat After Negotiating Down HK$690,000
AM730 · 2 SOURCESabout 2 hours ago4 MIN
Summary
Recent property market activity has shown a positive trend, with buyers taking an active approach to entering the market. Two notable cases in Upper Town and Tuen Mun both involved retired buyers purchasing properties with full cash payments, indicating confidence in the current market conditions.
Key Points
- A retired buyer purchased Flat F on the middle floor of Block 2 at Sun Tuen Mun Shopping Centre (新都廣場2座中層F室) for HK$6.9 million in a full cash transaction .
- The 3-bedroom unit has a practical area of 559 square feet, with the final price negotiated down from the original asking price of HK$7.3 million .
- The property is located at 8 Lung Wun Street (龍運街8號) in Upper Town; the development was completed in 1991 and comprises 3 blocks with 592 units .
- The previous owner acquired the unit in 2007 for HK$2.48 million and sold it for HK$6.9 million, recording a paper profit of HK$4.42 million after holding the property for approximately 19 years .
- In a separate transaction, a retired tenant in Tuen Mun's Chi Lok Garden (置樂花園) abandoned renting to purchase a 584-square-foot flat for HK$4.1 million, also paying in full cash .
Why It Matters
The two cases underscore a growing trend of retired Hong Kong residents re-entering the property market as buyers rather than renters, motivated by persistently high rental costs and a perception that current property prices remain undervalued . The increased transaction volume in the North District suggests improved market sentiment, which could signal a gradual recovery in secondary market activity across Hong Kong's suburban areas .
The two cases underscore a growing trend of retired Hong Kong residents re-entering the property market as buyers rather than renters, motivated by persistently high rental costs and a perception that current property prices remain undervalued . The increased transaction volume in the North District suggests improved market sentiment, which could signal a gradual recovery in secondary market activity across Hong Kong's suburban areas .