Homeowner loses $23.9 MILLION in Mid-levels flat sale | HK Weekend Property Market Recap

An apartment in Kennedy Park At Central was sold at a massive loss of HK$23.94 million. The unit, located in a high-floor Block B, measures 1,453 square feet in size, with a three-bedroom layout. It was sold for HK$43.3 million, or HK$29,800 per square foot. The original owner had bought the flat in 2012 for HK$67.24 million, and, over the years, repeatedly refinanced the property, suggesting financial difficulties. After holding the property for 12 years, the transaction price represents a 36% drop from the original purchase price.
Meanwhile, at Cullinan Sky in Kai Tak, a four-bedroom, double-ensuite unit with a private lift lobby was recently sold via tender for HK$73.44 million. Located on the 38th floor of Block 3, the unit measures under 2,000 square feet in size, at around HK$37,000 per square foot.
As developers slow down their pace of new launches, only a few unsold units have been released for sale. For instance, 155 units of Novo Land’s Phase 3B development in Tuen Mun will start selling this Friday. Among them, 69 units will be sold via tender.
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