(By Leong Yuet Kam)
The economic and property market prospects turn to unclear because of the epidemic. There is a wave of transactions with loss appears in the first-hand and second-hand property market. At least 8 cases were recorded in a single day.
A high-rise room B with a usable area of 1,608 sq ft in block 3 of MERIDIAN HILL, Kowloon Tong has the highest price cut. The original owner purchased it in 2010 for HKD31.41 million. The initial price had been HKD38 million, including a parking space. The market source points out that it was finally sold for HKD30.8 million after a price cut of about 19%. The estimated actual loss is about HKD2.2 million after deducting the service fee expense.
A middle and low-rise unit in block 12 of The Bloomsway., Tuen Mun, was sold for HKD6.8 million, with the sq ft price at HKD10,897. The original owner lost nearly HKD200,000 after holding it for less than four years. A high-rise unit in i-UniQ Grand, Shau Kei Wan, was sold for HKD8.13 million, with the sq ft price at HKD18,229, and it has depreciated by about 3% in book value for about nine years.
One high-rise unit in block 1 of YUCCIE, Yuen Long, was sold for HKD7.35 million, with the sq ft price at HKD13,764. The owner lost HKD150,000 after deducting the service fee expense. A high-rise room F in ?? Hill, Sai Ying Pun, with the usable area in 390 sq ft, was sold for HKD8.8 million. There was loss after deducting miscellaneous expenses.
ATRIUM HOUSE in Yuen Long has recorded abandoned transactions in succession.
Transactions with loss also appear in the first-hand property market. ATRIUM HOUSE in Yuen Long, the commission of which has been increased to above 10% by New World, latest recorded two abandoned transactions according to the transaction record book. Among them, a one-bedroom unit room A9 on the 9th floor should have been sold for HKD5.328 million on February 15 this year. The buyer recently canceled the transaction. It is expected that the developer will confiscate a 5% deposit involving about HKD270,000. Another one-room B3 on the 8th floor in usable area of 308 sq ft should have been sold for HKD5.549 million in July last year. The buyer canceled the deal, and the developer was expected to confiscate an 8% deposit involving about HKD440,000.
Developers mainly promoted the sale of inventory due to the epidemic. La Salle Residence in La Salle Road, Ho Man Tin, put on sale a new round of 30 units at 11 am yesterday. The market source points out that the developer increased the agency commission to more than 7% of the transaction price. But there was only 1 unit sold yesterday. It is room C in usable area of 402 sq ft on the 8th floor, with the discounted price at HKD10.1546 million.
New World's MOUNT PAVILIA in Clear Water Bay Road sold one compound garden apartment for HKD86.04 million, with the sq ft price at HKD26,613.
