Owner Sells Chai Wan Home After Moving Into New Tai e District Project, Booking 1.55M Loss
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
A Chai Wan Home Ownership Scheme flat at Lok Tsui Terrace has been sold for 4.95 million Hong Kong dollars, as the previous owner expedited the sale following completion of their purchase at a new Eastern District development. The 592-square-foot two-bedroom unit on a high floor commanded a price of 8,361 Hong Kong dollars per square foot after just two weeks on the market. The buyer was a young couple purchasing their first home, drawn to the property's open views and move-in ready condition. A separate transaction at City One in Tai Wai saw a 677-square-foot three-bedroom flat sell for 11.8 million dollars.
Key Points
- The Lok Tsui Terrace unit at Block 1 High Floor Flat K features 592 square feet of saleable area with a partial sea view and approximately five years of renovation work .
- The previous owner purchased the property in August 2020 for 6.5 million dollars and sold it six years later at a paper loss of 1.55 million dollars .
- Centraline Property agency senior regional sales manager Cheng Chun-fai explained the seller bought a new project in Eastern Hong Kong Island called Hyde Park Garden for upgrade purposes, completing the transaction in August this year before listing the Chai Wan flat .
- First-home buyers were attracted to the property's scenic outlook and the absence of need for extensive renovation or redecoration .
- A separate deal involved City One Phase 1 Tower 5 Low Floor Flat NA in Tai Wai, spanning 677 square feet with three bedrooms and one ensuite, selling for 11.8 million dollars at 17,430 dollars per square foot after negotiations .
Why It Matters
This transaction illustrates how the completed delivery of new residential projects triggers a wave of second-hand property listings as existing owners pursue upgrades, directly impacting supply in the secondary market. For prospective buyers, the availability of move-in ready flats with scenic views at relatively lower price points compared to new developments presents a practical alternative in Hong Kong's competitive property landscape .
This transaction illustrates how the completed delivery of new residential projects triggers a wave of second-hand property listings as existing owners pursue upgrades, directly impacting supply in the secondary market. For prospective buyers, the availability of move-in ready flats with scenic views at relatively lower price points compared to new developments presents a practical alternative in Hong Kong's competitive property landscape .