High-rise unit at Yoo Residence in Causeway Bay sold at a significant loss

Yoo Residence

30th May 2024 – (Hong Kong) A high-rise unit at Yoo Residence in Causeway Bay has been sold at a substantial loss. The unit, featuring a one-bedroom layout and a practical area of approximately 355 square feet, was initially listed at HK$8 million. However, after a reduction of HK$500,000, it changed hands for a mere HK$7.5 million, resulting in an approximate price per square foot of HK$21,127.

According to sources, the unit was purchased as a primary market property in 2013, making it a staggering 11-year loss on the books, amounting to nearly HK$8.2 million. This depreciation reflects a decline of over 52%, making it one of the most significant price drops in the recent secondary market. It’s worth noting that the transaction price does not account for potential developer rebates and incentives.