The Junction's The Austine Place, a high-end office manager, sold a two-bedroom apartment with a study room for HKD 14.6 million, or approximately 16,762 HKD per square foot. The property, a middle floor A unit of 871 square feet, was originally purchased in March 2015 for HKD 20.54 million and has now been held for over 11 years, resulting in a loss of approximately HKD 5.94 million, or about 29% depreciation.
According to Wang Qinxue, a district sales manager at中原地产, Yuen Long's secondary market transactions have shown slight improvement in the current month, with 22 transactions recorded so far, a 22% increase from the same period last month. On the latest weekend, seven transactions were recorded, including the sale of a two-bedroom apartment with a study room at Park YOHO 2B’s middle floor A unit, 581 square feet, for HKD 6.36 million, or approximately 10,947 HKD per square foot. The original owner of this unit purchased it in November 2019 for HKD 8.966 million and held the property for about 7 years, resulting in a loss of HKD 2.606 million, or about 29% depreciation.
The buyer was an entry-level buyer who favored the self-contained environment and full amenities at the Park YOHO development. The seller was an office manager who bought the property in 2015 and has now sold it after holding it for more than 11 years with a substantial loss on the investment. Meanwhile, the sale of a similar unit in Park YOHO to an aspiring homebuyer highlights the ongoing demand despite the overall depreciation seen in the local market.