Ma On Shan Symphony Bay Flat Sold for $9.78M, Below $9,000/sq ft

With hopes of further interest rate cuts, buyer confidence has been strengthening. In Ma On Shan’s Symphony Bay, two units were sold this month, including a three-bedroom unit with a parking space that recently sold for HK$9.78 million. The price per square foot came in at approximately HK$8,670. The original owner, who bought the property in 2022, sold it after just two years, incurring a substantial loss of HK$3.87 million, or nearly 30%.

The unit in question is located in Block 2 of Symphony Bay, a mid-high floor Unit B. It has a saleable area of about 1,128 square feet, featuring three bedrooms, including a master suite and a maid’s room. The original owner, wanting to move closer to her children's school on Hong Kong Island, initially listed the unit for HK$11.5 million. After some negotiation, a local buyer, confident that property prices may rise further, purchased the unit for HK$9.78 million, including a parking space, with the price per square foot at approximately HK$8,670.

Photos of the listing show that the unit was well-maintained, with the previous owner spending around HK$600,000 on renovations. The master bedroom features a large curved floor-to-ceiling window, offering a wide view.

Data shows that, excluding special transactions, this unit’s price per square foot of HK$8,670 is the lowest in the estate in recent years. The original owner had purchased the unit for HK$13.65 million in 2022, holding it for only two years. The sale resulted in a loss of HK$3.87 million, with the property’s value dropping 28% during this period.

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