Olympic Station flat sells for HK$11.28 million
SingTao · 2 SOURCESabout 3 hours ago2 MIN
Summary
A two-bedroom sea-view unit at Tower 10, Park Avenue in the Olympic Station area of Tai Kok Tsui was sold for HK$11.28 million after negotiations from an asking price of HK$11.5 million. The flat has a saleable area of about 527 square feet, and the transaction worked out to about HK$21,404 per square foot. The buyer was described as a local end-user attracted by the estate’s mature neighbourhood facilities, convenient daily living environment and practical layout. The original owner bought the flat first-hand in 1999 for HK$3.592 million and, after holding it for about 27 years, recorded a paper profit of about HK$7.688 million, with the property rising about 2.1 times in value.
Key Points
- Ricacorp Properties joint district director Tsui Kam-wing said the deal involved Tower 10, a mid-floor Flat A at Park Avenue, with sea views and a two-bedroom layout.
- The buyer was a district-based owner-occupier who viewed the unit through Ricacorp’s verified listings platform before deciding to negotiate a purchase
- The flat was initially listed at HK$11.5 million and changed hands at HK$11.28 million, a reduction of HK$220,000 after bargaining
- Based on the 527-square-foot saleable area, the agreed price translated into roughly HK$21,404 per square foot.
- Ricacorp said Park Avenue currently has about 60 units for sale, with entry prices starting from around HK$9.5 million
Why It Matters
For Hong Kong homebuyers, the deal shows that well-located two-bedroom units near MTR stations and established amenities can still attract end-user demand even after some price negotiation. For long-term owners, the transaction illustrates how first-hand purchases made in the late 1990s can still deliver substantial paper gains when sold decades later.