The property market prospects are uncertain, and some mainland celebrities sell their properties to cash in when the market condition is improved. The market source points out that one connected unit in Regence Royale of Midlevels Central, owned by Wong Chuen-Gwan, the Founder and Chairman of Mainland Entertainment Group Huayi Brothers, was sold for about HKD220 million recently. After ten years, the book profit is still HKD88 million, even though the price had sharply cut by HKD68 million from the original bid price.
The price cut is 23%, and the profit is HKD88 million.
According to market sources, Wong Chuen-Gwan's connected unit Room A and B on the high floor of Block 2 of Regence Royale, with an area of 3,738 sq ft, was sold for about HKD220 million. The price sharply decreased by HKD68 million or 23.6% compared with the bid in 2018 of HKD288 million, and the sq ft price was HKD58,855. It is reported that Wong bought it for HKD132 million in 2010, and made a book profit of HKD88 million or 66% in 10 years.
Going through the data, Wong Chuen-Leoi, the President of Huayi Brothers, also had sold one high-rise Room B in Block 2 of Regence Royale for HKD89 million in 2018. The unit is 1,805 sq ft and was sold at the sq ft price of HKD49,307. Wong Chuen-Leoi had bought it for HKD79.8 million in 2012, and the book profit was HKD9.2 million or 11%.
On the other hand, trading in the Sai Kung District is positive, and some foreign property owners are also selling their properties, taking advantage of the booming market. Liao Chun-Hung from Century21 Goodwin expresses that one single number building in Tai Hang Hau Village, Sai Kung, was recently sold. It is in four-bedroom and two halls layout with a covered area of 2,100 sq ft, viewing the sea. The original price was HKD24.5 million, and the price cut was HKD2.7 million or 11%. Finally, it was sold for HKD21.8 million with the covered area sq ft price at HKD10,381. It is understood that the original owner is a foreigner who bought the above unit in November 2007. At that time, the price was HKD14 million. The book profit is HKD7.8 million after over 12 years, and the unit has appreciated by 56% during the period.
Owners cash in by selling many large-scale properties. However, the small and medium-sized property market with strong user demand remains booming. Wong Chi-Kei from Centaline Property expresses that the second-hand property trading in Tung Chung continues hot, and 6 transactions had been recorded in the first three days of June. A top-floor one-bedroom unit in Block 5 of Coastal Skyline was sold recently. It is 388 sq ft and has a rooftop, enjoying mountain views, was sold recently. The original owner has always lived in it and sold it due to immigration. The original price was HKD6.2 million, which was similar to that of one-bedroom tiered units, immediately attracting many potential buyers to negotiate. It was sold the next day for HKD5.83 million, with the sq ft price of HKD15,026.
The sq ft price of the unit with rooftop in Coastal Skyline is up to HKD15,000.
Wong Chi-Kei expresses that the original owner bought the unit in December 2014 for HKD4.7 million, and earned the book profit of about HKD1.13 million or 24% after holding for over five years. The new buyer is a retired person who had lived in another district and decided to buy and move in it because of the living environment in Tung Chung District and the railway connection. This buyer bought it by one-off payment after looking for a house for one month.
