Buyers get on board to buy private properties in Yuen Long at 'public housing prices
Jan 13, 2023
Hong Kong
By   Internet
  • City News
  • Property transactions
  • property re-sales
  • property projects
Abstract: The price drop continues to narrow, with a single old building in Yuen Long recording a '2-for-1' transaction.

According to Centaline Property's Wong Chin Hok, a 228 sq ft high-rise flat F in On Ning Building in Yuen Long was put up for sale back in August 2021 at an opening price of $3.5 million.


Due to the single block old building and the lack of renovation, the owner continued to reduce the price as the market condition went down, and was finally taken up by a buyer at $2 million, which can be considered as "public housing price", with a cumulative reduction of 43% during the period.


A 366-square-foot unit in Long Ping Estate in the same district was sold for $1.9 million before the land premium was paid.


The original owner bought the flat for $2.06 million in October 2014, which represents a loss of $60,000 or 3 per cent, according to Mr Wong.


Wang Qinxue mentioned that, driven by the general market, the trading atmosphere in Yuen Long District has improved this month, with about 40 second-hand transactions recorded.


In addition, Lee Sze-meng of Century 21 Kee Fung Properties said that a 958 sq ft, 4-bedroom, low-rise NC flat in Block 1, Shing Shing Shing, Phase 3, Tai Wai has been on the market for 4 months and the original asking price of $17.9 million was reduced by 21.3% or $3.82 million to $14.08 million, at a price of $14,697 per square foot.


The original owner purchased the above site in April 2012 for $9.32 million.


As for HOS flats, Century 21 Chifeng Property Mr. Chuang Sui Sang said that he had recently facilitated the sale of a 482 sq ft, two-room flat on the middle floor of Block 5 of Fubo Garden, HOS flats in Ma On Shan.


The original owner purchased the above property in September 1993 for $782,000 (before land premium).