10th December 2023 – (Hong Kong) Lai Chi Kok’s Mei Foo Sun Chuen residential estate has seen a decline in property prices, with values dropping below those recorded in 2015. According to Hong Kong Property Agency’s Ng Chi-fai, a three-bedroom unit located at Apartment A, Lower Floors, 33 Broadway, Stage 2 of Mei Foo Sun Chuen, spanning approximately 869 square feet and offering a view of the inner street, has been on the market for nearly two years. The property was initially listed for sale in October 2021, with an asking price of HKD 12.8 million.
Wu further stated that the original owner reduced the price to HKD 10.88 million in the middle of last year. However, due to sluggish market conditions and lackluster demand, the property underwent multiple price reductions, ultimately selling for HKD 8.38 million. This translates to a price per square foot of approximately HKD 9,643.
It is worth noting that the original owner purchased the property in February 2015 for HKD 8.95 million. After holding the property for nearly nine years, factoring in expenses related to renovations and transaction costs, the owner faced a loss of HKD 570,000. Four major banks have appraised the property’s value between HKD 8.15 million and HKD 8.98 million.