One-Bedroom Unit at Upper East Sold for HK$5.45 Million, Losing Over HK$2.5 Million in Value

The market continues to see properties sold at a loss, especially in newer developments. Upper East in To Kwa Wan, known for its subdivided flats, recently saw a one-bedroom unit sold for HK$5.45 million. This amounts to about HK$16,925 per square foot. The original owner bought the unit five years ago and has now sold it at a loss of nearly HK$2.5 million, a 31% decrease in value.

Dennis Yip of Centaline Property shared details about the unit. It is located in Block 1A, on a high floor, Unit H. The unit has a saleable area of 322 square feet and faces east-southeast, offering clear sea views. Initially listed at HK$5.8 million, the new buyer was attracted to its height and open view compared to neighbouring buildings. After the first viewing, they negotiated the price down to HK$5.45 million, making the per square foot price approximately HK$16,925.

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