The COVID-19 epidemic continues to spread. There are more and more transactions with loss in the market because some owners look down the market or need for capital turnover. One foreclosed house in Valais, Sheung Shui, was sold with loss of HKD11 million, and the usable area sq ft price was only HKD11,441, nearly the lowest in three and a half years.
Journalist(Leong Yuet Kam)
Wu Ming-Lok from Midland expresses, there is an even-numbered house on LUZERN BOULEVARD, Valais, Sheung Shui, which is a three-bedroom unit in a usable area of 1,818 sq ft, joining a garden of 1,173 sq ft. The original owner bought it for HKD30.34 million in 2010 and applied for further charge in 2015. But it became a foreclosed house. The bank had asked for HKD28 million, but sold it for HKD20.8 million after a cumulative reduction of HKD7.2 million, leading the book depreciation to HKD9.54 million. The estimated actual loss is over HKD11 million, a depreciation of 36%.
One unit in Homantin Hillside is sold with a loss of HKD1.8 million.
According to the Land Registry, a low-rise Room B of block 1 in Homantin Hillside, Hung Hom, which is a one-bedroom unit in the usable area of 370 sq ft, was sold for HKD7.48 million a few days ago, with the sq ft price at HKD20,216, flat to market prices.
It is known, the original owner bought it for about HKD8.98 million in October 2016, and the book loss this time is about HKD1.5 million. While the actual loss is estimated to be over HKD1.8 million calculating the stamp duty (HKD0.336 million) and miscellaneous expenses such as agent commission.
Maya has one abandoned transaction, and the buyer lost more than HKD550,000 in 8 days.
There is one first-hand property buyer who abandoned the transaction after eight days, losing HKD560,000. Maya developed by Wang On, and CIFI Property in Yau Tong recorded an abandoned transaction. It is Room D on the 8th floor of block 1, which is a two-bedroom unit in a usable area of 548 sq ft. The buyer purchased it for HKD11.149 million on 15th this month, and abandoned it the day before yesterday, losing 5% of the property price, that is, HKD557,450 in eight days. There have been at least 33 abandoned transactions in the first-hand property market since this month.
The sq ft monthly rent of a three-bedroom unit in The Waterfront is HKD34.
International agencies have reduced the number of overseas employees sent to work in Hong Kong due to the epidemic. The rent of luxury apartments that had been popular among multinational corporation employees in the Kowloon Station is suppressed. After the monthly rent of a one-bedroom unit in the landmark mansion, The Arch, fell below HKD20,000 to HKD19,000, the monthly rent of another villa The Waterfront also fell. A three-bedroom unit is rent out for only HKD32,000 monthly, with the sq ft rent at HKD34, a new low in Kowloon Station since three years ago.
