According to the news, the new low-density luxury residential estate in Kowloon Tong, Yinwen Rishi has recently recorded the strongest case of sale in the history of the estate, the middle floor 3-bedroom unit depreciated $14,586,700 or 29.4% in 6 years, together with tax and commission expenses, the strong loss of nearly 40% from the market.
According to the news, the case of the sale of the middle floor B room in Block 5 of Xianwen Rishi, an area of 1,732 square feet, belongs to the 3 room partition, the transaction price of $ 34,950,000, the price of $ 20,179 per square foot. The above unit was put up for sale as early as July 2022, when the asking price was $53.8 million, i.e. the transaction price was $18.85 million or 35% lower than the initial asking price.
It is reported that the original owner bought the unit first-hand back in April 2017, when the transaction price was $49,536,700. Based on the latest transaction price, the owner's book value has depreciated by $14,586,700 or 29.4% in about 6 years. Including tax and commission expenses, the total loss is about $19.15 million or 38.7%.
Checking the information, together with the above-mentioned latest transaction, the estate has recorded 4 secondary transactions this year, of which 3 have to be let go, including two transactions with book depreciation of about 7% and 11% in February. As for the only recorded profit case, the value of about 7% appreciation.
Other areas of small and medium-sized units also appeared to be eclipsed cases. Centaline Property Lau Chun-hung said, Tuen Mun Kai Fung Park this month recorded two sales transactions, including the middle floor of Block 3, room E, an area of 326 square feet, is a 2 room partition. The unit opened at 4.5 million yuan earlier this month, then lowered to 4.3 million yuan, after bargaining between the buyer and seller, the tenant in the same area finally purchased the unit for 4.2 million yuan, with a foot price of $12,883, which is the market price. The original owner bought the unit for $5 million in 2018, and the account was eroded by $800,000 or 16% during the period.
In the neighboring area, Centaline Property Wang Qinxue also revealed that Yuen Long District has recently recorded at least 20 price reductions on the release, including PARK YOHO GENOVA's Block 29, Middle Floor, Room A, with an area of about 1,061 square feet, and the owner lowered the asking price from $15.5 million to $14 million, a reduction of nearly 10%. On the other hand, the owner of the middle-floor flat G in Block 3 of Long Ping 8, with an area of 719 square feet, reduced the asking price from $11.8 million to $11 million, a reduction of 6.8%.
On the other hand, Century 21 Chifeng Property Chuang Shui Sang revealed that the secondary market is weak, and the average asking price of Ma On Shan properties was lowered by 5%. Yingtao Bay recorded a low-rise room C in Block 1, with an area of 818 square feet, changing hands at a reduced price. The original owner's asking price of $10.5 million, and later bargained to $9.28 million to change hands, a reduction of 11.6%, the price of $11,344 per square foot.
Chuang Ruisheng also revealed that Silver Lake - the sky peak recorded a "no deed building" a significant reduction in the price of the transaction, the unit for the middle floor of Block 6, room A, an area of 1,564 square feet, to $ 18.33 million changed hands, the foot price as low as $ 11,719. Chong's explanation, because there is no deed to the building, there is a chance that the mortgage application can not be applied for, so the transaction at a special price, the transaction price of 23 million to 25 million yuan lower than the original market price of 20% to 26%.
