2025-02-21 28Hse Editor
A significant loss-making transaction has been recorded in the luxury property market. A four-bedroom, sea-view unit in Residence Bel-Air in Pok Fu Lam was recently sold for HK$50.7 million, including a parking space, at a price of HK$28,198 per square foot. The original owner, who purchased the unit three years ago, suffered a substantial paper loss of HK$22.3 million, with the property's value plunging over 30%.
According to market sources, the unit in question is a mid-floor, Unit A in Block 5 of the project’s Phase 4 development, with a saleable area of 1,798 square feet. It features four bedrooms and offers full sea views. The original owner initially listed the property, including the parking space, for HK$63.98 million, but later reduced the asking price to HK$58.88 million after receiving no offers. The new buyer, seeing a nearly 30% discount from the original purchase price, negotiated the final deal at HK$50.7 million, bringing the price to around HK$28,198 per square foot.
According to agents, the transaction price per square foot has now returned to 2015 levels for similar units in the estate.
The original owner, an investment director at an asset management firm, purchased the unit in September 2021 for HK$73 million for self-use. After holding the property for three years, the owner resold it at a paper loss of HK$22.3 million, with the unit’s value depreciating by 30.5% during the period.
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