Bedford Garden in Quarry Bay faces continued losses as owners sell properties at substantial discounts

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 Bedford Garden

2nd December 2023 – (Hong Kong) Quarry Bay’s Bedford Garden is experiencing a series of discounted property sales, with yet another case emerging recently. In this latest instance, an owner who held the property for over eight and a half years is now forced to sell at a loss of approximately HK$870,000. Over the past month alone, the development has witnessed at least three cases of properties being sold at a loss.

The unit in question is Apartment A in the high-rise section of Bedford Garden, boasting a practical area of around 606 square feet. It was originally purchased at a cumulative price of approximately HK$1.14 million. However, it is now being sold for approximately HK$6.66 million, resulting in a unit price of approximately HK$10,990 per square foot. The previous owner acquired the property in May 2015 for about HK$7.53 million, reflecting a paper loss of around 11.6% over the holding period.