King's Park Hill in Ho Man Tin Sold for HK$62.3 Million, 40% Below Similar Sales

A foreclosed house in the luxury residential area of King’s Park, Ho Man Tin, has recently been sold for HK$62.3 million. The sale price represents a 37.7% to 40.7% drop compared to the market value and similar transactions.

The property in question is House No. 2 on King’s Park Hill Road, with a saleable area of approximately 2,333 square feet. The house features four bedrooms, two of which are en-suite, along with a garden, rooftop, and parking space. The transaction price equates to about HK$26,704 per square foot. The buyer is reportedly a mainland Chinese individual.

It is worth noting that this house was first listed for sale in April this year by Colliers, with an estimated market value between HK$90 million and HK$100 million. The last comparable sale in the area dates back to 2021, when a similar house was sold for HK$105 million, or roughly HK$45,000 per square foot. This new transaction marks a significant price drop of up to 40%.

The house was originally purchased by a company in 2007 for HK$47.8 million. Between 2008 and 2023, it was mortgaged five times to both traditional banks and finance companies. In March 2023, the property was taken over by a receiver and eventually sold as a foreclosed property.

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