The Jianglan Tunnel and Tseung Kwan O Cross Bay Link Road were opened to traffic on Sunday. A property consultant reported that it will help increase the demand for housing in the area and the performance of property prices; In the first 7 days of this month, 7 cases of loss were recorded; however, the transaction speed was significantly accelerated. For example, Junying recorded 6 transactions in a row within 5 days, and 3 of them were sold at a loss, with the largest loss reaching 2.71 million yuan.
Lijiage Huang Jinqin said that the three-bedroom apartment in Room E, high-rise building 2, Junying Phase 2, with a usable area of 738 sq. Yuan. The original owner entered the market at RMB 9.38 million in 2019, and has only held the goods for 3 years. The book loss is now RMB 2.2 million or about 23.5%, taking into account the actual loss of more than RMB 2.71 million.
Zhongyuan Huang Shibin said that the three-bedroom household in Room F, high-rise Building 7, Phase 1 of the housing estate, has a usable area of 738 square feet, sits facing west, and enjoys sea views. The original asking price was RMB 10.5 million, and the cumulative decrease was RMB 2.75 million, and it was sold at RMB 7.75 million. The price per square foot was about RMB 10,501. The original owner entered the market at a price of 8.95 million yuan in May 2018, and now has a book loss of 1.2 million yuan or about 13% on the book, taking into account the actual loss of more than 1.7 million yuan.
Huang Shibin continued to say that the three-bedroom apartment in Room G, a high-rise building in Block 6, Tseung Kwan O Center, has a usable area of 690 square feet, sits to the northwest, and enjoys mountain views. The initial asking price was RMB 10.3 million, and it changed hands by RMB 920,000 or 9% to RMB 9.38 million. The price per square foot is about RMB 13,594. The original owner bought the unit for 10 million yuan in December 2019. He has just held the unit for 3 years. Due to the immigrant immigrant, the additional stamp duty (SSD) is loosened and he decides to sell the unit. Now the transfer book lost 620,000 yuan or about 6.2 %, taking into account the actual loss of more than 1.18 million yuan in expenses.
After opening to traffic, property prices may outperform other areas by 5%
Jones Lang LaSalle released the “Hong Kong Residential Sales Market Overview” yesterday. Li Yuanfeng, Senior Director of the Strategy and Consulting Department, pointed out that Tseung Kwan O is one of the three major residential areas in Hong Kong. Being in a downward cycle, it can also buffer the decline in property prices in the area. He told the media that referring to the past examples of infrastructure construction, property prices may outperform other areas by about 5%, but the effect of the opening of the two new infrastructures may take about 3 months or more to reflect.
Originally published on AM730 https://www.am730.com.hk/Real estate/Tseung Kwan O 7 losses on 7 days-Junying Sanfang lost 2.71 million in 3 years/351759?utm_source=yahoorss&utm_medium=referral