A property at the upscale Beverly Hills housing complex in Tai Po has fetched a valuation that is nearly 30 percent lower compared to what the owner paid for the unit four years ago.
In a secondary market transaction late last month, a twin mansion was priced at only HK$75 million, resulting in a huge loss for the seller, the Hong Kong Economic Journal reported.
The owner is said to have paid HK$105 million for the property, which includes six parking slots, when he bought it in August 2011.
Taking into account stamp duty and commission fee, the seller has suffered total loss of HK$35 million on the transaction, according to the report.
It marks the biggest loss on an individual residential property deal this year.
For HK$35 million, one can buy seven to eight small units at City One in Sha Tin, one of the most popular housing estates in the secondary market now, the paper noted.
The money will also be enough to buy eight new studio flats at Upper East project in Hung Hom.
Had the property owner invested the HK$105 million in a popular residential development in Taikoo Shing, instead of in The Beverly Hills, in 2011, he might have reaped a gain of over HK$46 million.
The new buyer is expected to get 2.2 percent rental yield if he leases the mansion at the market rent of HK$140,000 a month.
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