Yuen Long’s Reach Summit apartment suffers massive loss as owner sells at a decrease of nearly 40%

939
Reach Summit

9th April 2024 – (Hong Kong) The owner of a one-bedroom unit in Yuen Long’s Sereno Verde (Reach Summit), has incurred a staggering loss of approximately HK$1.87 million as the owner sold the property after holding it for less than two and a half years. The unit’s price plummeted by nearly 40%, making it one of the most significant declines in property values within the development.

According to market sources, the aforementioned unit is located on a low-level floor, identified as G, and has a practical area of approximately 254 square feet. It was sold for HK$3 million, resulting in a price per square foot of approximately HK$11,811. It is reported that the previous owner purchased the property in late 2021 for around HK$4.87 million, indicating a significant depreciation of approximately 38.4%. Even when compared to the unit’s initial price of over HK$3.84 million in late 2018, the recent selling price is notably lower by over HK$840,000.

In fact, this month has witnessed two transactions within the development, both resulting in losses for the sellers. The other transaction involved a mid-to-low-level unit within the same building, which was sold for HK$3.08 million.