According to Louis Lo, Chief District Business Manager at Centaline Property, a unit at South Horizons on Ap Lei Chau was originally listed at HK$10.5 million but was later adjusted to HK$9 million and eventually sold for HK$8.75 million. The unit, spanning 642 square feet, was sold at a unit price of HK$13,629 per square foot, a 16.7% reduction from the listing price. The buyers, tenants from the area, decided to enter the market after seeing the price adjustment. Notably, the original owner purchased the unit in 2009 for HK$4.68 million and sold it after about 15 years, making a profit of HK$4.07 million, an 87% appreciation.
On the other hand, Vincent Fong, Regional Director at Hong Kong Property, shared a case from Blue Bay in Cheung Sha Wan. A unit originally priced at HK$7.68 million was negotiated down to HK$7.1 million, spanning 494 square feet and sold at about HK$14,372 per square foot, slightly below the market price by 4%. The buyers, local tenants, felt the price was reasonable and thus decided to purchase.
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In Tsuen Wan's Belvedere Garden, another transaction was recently witnessed. A unit sold for HK$5.1 million, approximately 470 square feet in size, at a unit price of HK$10,851 per square foot. The buyers, also tenants from the estate, opted for "rent-to-buy" upon seeing the market warming. The original owner had purchased the property in 1998 for HK$2.19 million, now selling it with a profit of HK$2.91 million, an overall appreciation of about 1.3 times.
Victor Chan, Vice Chairman and President of Residential Division at Centaline Asia-Pacific, stated that after the government fully lifted the restrictive measures, market confidence was boosted, and the property market conditions improved. Many homebuyers are now choosing to live in the properties they purchase, a positive signal of a shift in market mentality. Against the backdrop of policy adjustments, the Hong Kong property market is showing clear signs of activity, and the "rent-to-buy" phenomenon is expected to further increase.
