12th January 2025 – (Hong Kong) Parc City in Tsuen Wan recently witnessed a significant milestone, with a three-bedroom unit fetching a remarkable deal. Priced initially at HK$16 million, the property underwent a series of price adjustments in response to shifting market dynamics. Eventually, the unit was sold for a groundbreaking HK$10.6 million, marking a new historical low for similar unit types at 12,634 Hong Kong dollars per square foot.
The recently transacted unit, situated in Block E of Parc City, boasts a saleable area of 839 square feet, featuring a well-designed three-bedroom layout. This transaction stands out as the first recorded sale within the estate for the year. The original owner placed the property on the market back in August 2023, initiating at a higher price point. Over time, adapting to market conditions, the seller progressively reduced the asking price by HK$5.4 million, representing a significant 34% decrease, culminating in the final sale at HK$10.6 million.
A noteworthy aspect of this transaction is the buyer demographic, with a “90s-born” individual in their thirties seizing the opportunity presented by the ongoing interest rate reductions. Observing the uptick in market activity and anticipating a potential trough in property prices, this savvy buyer decided to enter the market at a favourable juncture, securing the desired property at a competitive rate of approximately 12,000 Hong Kong dollars per square foot, offering a compelling value proposition compared to older listings.
Looking back at the property’s history, the original owner acquired the unit for HK$11.84 million in 2017, holding onto the property for approximately eight years. However, due to market fluctuations, the property saw a depreciated value of HK$1.246 million, equating to a 10.5% decline over the holding period.
The post Parc City unit in Tsuen Wan sold for record low price of HK$10.6m, reflecting 10.5% loss over 8-year holding period appeared first on Dimsum Daily.
English (US) ·