Luxury Bloodbath: Ho Man Tin Flat Sold for HK$19.28M as Seller Loses Enough to Buy Two Parking Spaces!

The luxury property market in Ho Man Tin has seen another significant loss on a second-hand sale. A two-bedroom unit at Ultima, a high-end residential development in the area, recently sold for HK$19.28 million, with a price per square foot of HK$23,891. The previous owner, who held the property for nearly seven years, incurred a staggering loss of HK$8.76 million—an amount equivalent to the cost of two parking spaces in the same estate.

According to Centaline Property, the transaction involved a mid-level, 807-square-foot unit (Block 8, Unit B). The unit features two bedrooms with en-suites, a maid’s room, and faces west, offering views of Victoria Harbour.

The unit had been on the market for several years. Earlier this year, the seller adjusted the asking price to HK$22 million, which eventually caught the attention of a buyer looking for a home. The new buyer, impressed by the unit’s modern renovation and abundant natural light, negotiated over several rounds before closing the deal at HK$19.28 million—just HK$1,000 above the property’s latest bank valuation of HK$19.27 million.

Records show that the previous owner purchased the unit in January 2019 for approximately HK$28.04 million. After holding the property for nearly seven years, the owner sold it at a loss of HK$8.76 million, representing a 31% depreciation in value.

To put the loss in perspective, a parking space in the estate was sold in December of 2024 for HK$4.48 million. The seller’s loss is nearly equivalent to the cost of two parking spaces within the same development.

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