326sqf apartment unit in Sha Tin’s Lucky Plaza sold at 2014 price at only around HK$3.5m

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28th November 2023 – (Hong Kong) A unit at the Lucky Plaza, situated in the Chung Lam Court on Wang Pok Street, Sha Tin, was recently sold at a price reminiscent of nearly a decade ago. The sale, which has marked a significant reversal in the trend of rising property prices, underscores the potential onset of a cooling property market in the region.

The unit, located on the lower floor of the G block, spans an area of approximately 326 square feet. Previously serving as a rental property, the unit was listed for sale in September of this year at an initial asking price of HK$4.68 million. However, it has since been subject to a series of downward price adjustments, despite the absence of prospective buyers bargaining for a lower price.

This month, the seller voluntarily slashed the price to approximately HK$4 million. Ultimately, the unit changed hands for a final sale price of circa HK$3.5 million, marking a substantial reduction of HK$1.18 million from the original asking price. This translates to a price per square foot of just about HK$10,736.

Local real estate agents have pointed out that this recent sale has returned property prices in the Lucky Plaza to levels last seen in early 2014. Since 2015, transaction prices in this estate had consistently exceeded the HK$4 million benchmark.