2025-07-25 Squarefoot Editor
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- Milan Station Founder Sells Tsim Sha Tsui Duplex For Hk$67m After Rejecting Hk$175m Offer
Byron Yiu Kwan-tat, founder and former chairman of the luxury handbag retailer Milan Station (1150), has sold his custom duplex unit in Tsim Sha Tsui’s The Masterpiece for HK$67 million. Originally purchased in 2009 and 2016 as two separate units, which were later combined into one, the sale resulted in a paper loss of HK$3.885 million, reflecting a 5.5% depreciation. However, after factoring in renovation and furniture costs, the actual loss is estimated to exceed HK$13 million.
The duplex was formed by combining two adjacent mid-level units (Unit F) in The Masterpiece, each initially configured as three-bedroom apartments with a usable area of 1,182 sq. ft. After the renovation, the combined unit offered a total usable area of 2,364 sq. ft. The property was first listed for sale in 2023 at an asking price of HK$160 million. Over time, the price was reduced multiple times, eventually dropping to HK$89 million, but there were no buyers.
In an earlier interview, Yiu revealed that a mainland buyer had once offered HK$175 million for the property, but he declined, stating he would only consider selling for HK$200 million. The recent sale price of HK$67 million represents a 61% drop compared to the previous offer.
The property, which features luxurious interiors, a high-ceilinged living area with a grand chandelier, and a spiral staircase, was sold to a mainland buyer for HK$67 million, equating to HK$28,342 per sq. ft. Before the sale, the property was leased out for HK$120,000 per month, yielding an approximate rental return of 2%.
Yiu originally purchased the two units for a combined HK$70.885 million, paying HK$33.585 million in 2009 and HK$37.3 million in 2016. Including renovation and furnishing costs, the total investment reached approximately HK$80 million. After selling the property for HK$67 million, Yiu incurred a significant actual loss of at least HK$13 million.
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| Property Type | Price | Ads Period |
|---|---|---|
| For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
| Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |