Tsui Lam Estate Public Housing Unit in Tseung Kwan O Sells for $1.3 Million, Cheaper Than a Lohas Park Parking Space

In a sluggish second-hand market, a unit in Tsui Lam Estate, Tseung Kwan O, measuring over 380 square feet was sold for HK$1.3 million without a land premium. This sale priced at HK$3,412 per square foot was cheaper than the asking price for a parking space in Lohas Park.

Century 21 property branch manager Dennis Ngai mentioned that the transaction involved Room 19, a high-floor unit in Yan Lam House, Tsui Lam Estate. The unit, with a saleable area of 381 square feet, boasted mountain views. The original owner initially asked for HK$2.2 million in March of last year without a land premium. The recent transaction was concluded at HK$1.3 million, with a price per square foot of HK$3,412.

This sale was cheaper than the current asking price for a parking space in Lohas Park, which is recently listed at HK$1.65 million.

Originally purchased in January 2007 for HK$171,000 without a land premium, the original owner held the property for 14 years. This recent sale resulted in a profit of HK$1.129 million, marking an appreciation of more than 6.6 times the initial purchase price. 

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