7 Years, 1 Flat, $2.7M Gone: Shocking Loss at Cullinan West Sale Revealed

As property prices in Hong Kong continue to slide, some homeowners are seizing the opportunity to cut their losses amid a low interest rate environment. A two-bedroom unit at Cullinan West, located above Nam Cheong MTR Station, was recently sold for HK$11.32 million—about 10% below the market rate. The seller had held the property for seven years and suffered a paper loss of around HK$2.701 million, or 19.2%.

According to Hong Kong Property, the unit in question is Flat D, mid-floor, Block 3A, with a saleable area of about 536 square feet. It features a two-bedroom layout with partial sea views. The unit was originally listed for HK$13.5 million, and after about a month on the market, it caught the eye of a first-time buyer from outside the district.

The agent revealed that the buyer believes that with interest rates easing, the property market may have reached its bottom. Attracted by the unit’s convenient location atop the MTR, the buyer made a decision after just one viewing. After negotiations, the deal was closed at HK$11.32 million, which works out to a price of HK$21,112 per square foot—about 10% below market value. Listing photos showed a well-maintained unit with tasteful decor and partial sea views.

According to online bank estimates, the Bank of China valued the unit at HK$11.01 million, while Hang Seng Bank valued it at HK$11.12 million, meaning the final transaction price was up to 2.8% above bank valuations.

Public records show that the unit was originally purchased in September 2018 for HK$14.021 million. After seven years of ownership, the seller incurred a paper loss of HK$2.701 million, with the property value falling by nearly 20%.

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