Apartment in The Rise, Tsuen Wan, faces losses HK$700,000 as it changes hands in less than six months

926
The Rise

15th April 2024 – (Hong Kong) Victor Chung of Midland Realty revealed that a high-floor unit in The Rise, a prestigious residential development in Tsuen Wan, is causing concern in the property market. The apartment, identified as LE unit, boasts a practical area of approximately 516 square feet and was purchased by its previous owner for HK$6.538 million in November of last year.

According to Chung, the previous owner quickly realised that the two-bedroom layout of the property did not meet their requirements. As a result, they decided to list the unit for sale at HK$6.9 million by the end of last month, eventually reducing the price to HK$6.298 million. This amounted to a price per square foot of approximately HK$12,205. Despite holding onto the property for less than six months, the previous owner incurred a loss of around HK$240,000, including transaction fees, resulting in a total loss of nearly HK$700,000.