Mainland Chinese Buyer Secures Deal: $60 Million Purchase at Mayfair By The Sea Shows 20% Drop in Value Over 6 Years

The secondary market shows signs of weakness, with transactions continuing to be dominated by sales at a loss. Among them, a special unit with a terrace at Mayfair By The Sea Phase 1 in Tai Po, Pak Shek Kok was sold for HK$60 million. The original owner, who held the property for six years, sold it at a 20% loss.

According to transaction records, the transaction involved the top-floor unit A in Block Two. The unit has a saleable area of 2,503 square feet, includes four bedrooms, and comes with a 2,280-square-foot terrace accessible via an internal staircase. The unit was sold for HK$60 million, with a price per square foot of HK$23,971.

The original owner purchased the unit in November 2018 for HK$75 million and held it for six years. This resale resulted in a book loss of about HK$15 million, with the unit depreciating approximately 20% during this period.

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