LP.com

In recent developments, the Mount Parker Residences (MPR) in Quarry Bay recorded a notable transaction involving a mid-floor four-bedroom distressed unit. After a cumulative price reduction of HKD 16.8 million, the unit sold for HKD 25 million, bringing the price per square foot down to HKD 18,477—a record low since the residence’s completion over a decade ago.

Market reports indicate that the mid-floor unit C at Mount Parker Residences, with a saleable area of 1,353 square feet and a four-bedroom layout, entered the distressed sales list in the first quarter of this year. Initially listed at HKD 41.8 million, the asking price dropped to HKD 28 million last month, eventually selling for HKD 25 million—a total reduction of HKD 16.8 million or approximately 40%, resulting in a price per square foot of HKD 18,477. This sale marks the lowest price per square foot in the history of the estate.

The original owner purchased the unit in January 2015 for HKD 31.942 million and had repeatedly mortgaged the property for loans, eventually failing to repay them, leading to the distressed sale. The sale price is HKD 6.942 million lower than the purchase price nine years ago, representing a depreciation of about 21.7%.

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Not only in Quarry Bay, but North Point's Victoria Harbour also reported several significant losses. According to an agent, a high-floor unit B in block 3, with a saleable area of 1,038 square feet and a three-bedroom layout, sold for HKD 30.28 million, or HKD 29,171 per square foot. The original owner bought the unit in April 2017 for HKD 34.55 million, resulting in a loss of HKD 4.27 million, a depreciation of about 12.4%.

Senior Regional Sales Director of Centaline Property, Lam Lung Nam, reported that a low-floor unit B in block 6 of Victoria Harbour, with a saleable area of 438 square feet and a one-bedroom layout, recently sold for HKD 9.38 million, or HKD 21,415 per square foot. The original owner purchased it in April 2017 for HKD 10.505 million, showing a loss of HKD 1.125 million, or about 10.7%.

Additionally, a low-floor unit C in phase 2 of The Cullinan, Ho Man Tin, with a saleable area of 1,428 square feet and a four-bedroom layout, sold for HKD 28.68 million, or HKD 20,084 per square foot. The original owner bought it in April 2016 for HKD 34.0935 million, resulting in a loss of HKD 5.4135 million, or about 15.9%. Midland Realty's Sales Manager, Lai Chi Wing, revealed that a low-floor unit 2 in block E of Galaxia, Diamond Hill, with a saleable area of 517 square feet and a three-bedroom layout, sold for HKD 7.58 million, or about HKD 14,662 per square foot. The original owner bought it in December 2020 for HKD 9.38 million, showing a loss of HKD 1.8 million, or about 19.2%.

Overall, Hong Kong's second-hand property market is currently under significant pressure, with multiple properties drastically reducing prices to expedite sales. However, the transaction prices remain disappointing, and many owners are experiencing notable losses.