North Point flat triples as Kau To loss widens
On.cc · 1 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong's latest secondary-home transactions show a market split between long-held older flats that still deliver strong gains and newer projects where some owners are selling at losses. In North Point, a 451-square-foot two-bedroom unit at Pak Fuk Garden sold for HK$4.9 million, or about HK$10,865 per square foot, after the asking price was cut by HK$300,000, and the owner who bought in January 2003 for HK$1.2 million booked a paper gain of HK$3.7 million. In Sha Tin's El Futuro in Kau To Shan, a 505-square-foot two-bedroom flat sold for HK$7.6 million, or about HK$15,050 per square foot, leaving the owner with a paper loss of HK$1.16 million from the 2020 purchase price of HK$8.76 million. Other deals reported on Monday ranged from Tseung Kwan O public housing to Ma On Shan luxury homes, with outcomes varying sharply by project, holding period and entry price.
Key Points
- Century 21 Sunshine's Choi Ka-chun said Pak Fuk Garden's On Fuk House mid-floor Flat D, 451 square feet, sold for HK$4.9 million after being listed at HK$5.2 million.
- The Pak Fuk Garden seller bought in January 2003 for HK$1.2 million, making a paper profit of HK$3.7 million and a price rise of more than three times.
- Centaline's Fok Pak-hung said El Futuro Tower 2 mid-floor Flat E, 505 square feet, changed hands at HK$7.6 million after being marketed at HK$7.9 million.
- The El Futuro owner bought in 2020 for HK$8.76 million and recorded a paper loss of HK$1.16 million, equivalent to about 13% depreciation.
- Reported transactions elsewhere included gains at Harbour Green, Kai Tak 1, Tseung Kwan O Centre and Fanling Centre, but losses at Stars by the Harbour and repeated resales at Sierra Sea.
Why It Matters
For Hong Kong buyers and sellers, the latest deals underline how timing and project selection can outweigh district alone in determining returns. Older estates bought many years ago can still show substantial gains, while some newer developments remain vulnerable to resale losses even when they find buyers.