25th November 2023 – (Hong Kong) Lohas Park, a residential development in Tseung Kwan O, has witnessed yet another case of price erosion in the secondary property market. Ken Lau, a representative from Hong Kong Property, revealed that Unit F on the middle floor of Block 5B, with a practical area of approximately 343 square feet, consisting of a one-bedroom layout, was initially listed in March for HK$6.5 million. However, after undergoing four rounds of price reductions, totalling HK$1.55 million, the unit was finally sold for HK$4.95 million, marking a new low in the resale property market within the development, with a price per square foot of approximately HK$14,431.
According to reports, the original owner purchased the property in November 2017 for HK$5.095 million, resulting in a book loss of HK$145,000.
This recent case is indicative of the challenging conditions faced by sellers in Hong Kong’s property market, particularly within the Lohas Park area. The persistent decline in prices over the past six years has dampened investor sentiment and created a sense of desperation among property owners looking to sell their units. Despite efforts to attract buyers through substantial price reductions, the market remains sluggish, with potential buyers adopting a cautious approach.