Fleur Pavilia in North Point witnesses back-to-back losses as 2 units record over 20% declines in just six years

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Fleur Pavilia

17th June 2024 – (Hong Kong) North Point’s Fleur Pavilia development continues to experience a series of detrimental transactions, with two split-level three-bedroom units recently closing at losses, both depreciating by over 20% within a span of six years.

According to Jason Lam of Centaline Property, one of the units, located in Block G and positioned at the middle floor, boasts a practical area of approximately 912 square feet and offers scenic mountain views. Originally listed for HK$19 million, the property underwent a price reduction of HK$1.2 million over the course of three months before being sold for HK$17.8 million, resulting in a price per square foot of about HK$19,518. The previous owner acquired the unit in 2018 for HK$22.87 million, incurring an estimated paper loss of around HK$5.07 million, equivalent to a depreciation of approximately 22.2%.

In addition, Andy Tse from Midland Realty highlighted another unit in Block A, situated on the middle floor, with a practical area of roughly 831 square feet. This particular property was sold for HK$16.8 million, translating to a price per square foot of approximately HK$20,217. Having been purchased in June 2018 for around HK$21.194 million, the unit has depreciated by approximately HK$4.394 million, representing a decline of approximately 20.7%.

It is worth noting that Fleur Pavilia has recorded three transactions this month, all resulting in financial losses for the sellers. Among them was the top-floor three-bedroom unit that changed hands last week for HK$19 million, experiencing a staggering decline of approximately HK$9.968 million or roughly 34.4% within a span of five years.