Kowloon Tong Flat Sold at HK$8.9M: Owner Takes Massive 30% Loss!

A luxury three-bedroom unit in Beacon Heights was sold for HK$8.9 million, with the previous owner suffering a steep HK$3.9 million loss. Bought in 2019 for HK$12.8 million, the property’s value plummeted by 30%.

According to Centaline, the apartment is Unit D, located on the lower-middle floors of Block 19 of Beacon Hill Garden. It has a usable area of 905 square feet, featuring a three-bedroom layout. The flat faces southwest and offers city views.

Compared to a similar unit in the same building, which was sold in July last year for HK$9.25 million at HK$10,221 per square foot, the recent transaction price reflects a 3.8% drop in value over the past year.

The original owner bought the unit in March 2019 for HK$12.8 million. After holding it for six years, they sold it at a significant loss of HK$3.9 million, marking a 30% depreciation.

This sale highlights the challenges faced by some property owners in the current market, as even long-term investments in premium locations are not immune to declining prices.

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