8th December 2023 – (Hong Kong) Le Prestige Lohas Park, situated in the vibrant Tseung Kwan O district of Hong Kong, has witnessed a notable shift in pricing dynamics. The sale of a spacious four-bedroom apartment, located in Block D of the development, has garnered attention for its remarkable price reduction, bringing the property’s value back to levels last seen in 2017. This transaction has sparked interest among industry observers, underlining the impact of market forces on the real estate landscape.
The apartment in question boasts an impressive practical area of approximately 972 square feet, offering residents a breathtaking view of the surrounding mountains. Originally listed for sale in April of this year with an ambitious price tag of HK$12 million, negotiations ultimately resulted in a significant reduction, culminating in a final transaction price of HK$9 million. This substantial drop of HK$3 million, equivalent to approximately 25%, has positioned the property at an attractive per square foot price of around HK$9,259, significantly below recent market averages for similar units. This regression places the apartment in the realm of low pricing, effectively revisiting value levels witnessed six years ago.
The property’s previous owner, who acquired the unit in August 2010 for HK$6 million, has achieved a lucrative profit of HK$3 million from the sale.