The slight rebound in property prices hasn’t spared some newly completed developments from significant losses on their first second-hand transactions. Kowloon Bay's Uptown East recently registered its first-ever resale, but the deal came at a loss. A brand-new one-bedroom unit, unused since its purchase, was sold for HK$5.12 million, reflecting a HK$360,000 drop in value over 18 months—a depreciation of around 7%.
According to Midland Realty, the unit sold was a mid-floor, Unit C flat in Block 2B, offering a usable area of 336 square feet. The original owner purchased the unit in April last year for HK$5.476 million, initially intending to rent it out. However, after taking possession, they decided to sell instead.
The unit was listed at an asking price of HK$5.4 million but was later reduced to HK$5.2 million to attract buyers. It was ultimately sold for HK$5.12 million, translating to HK$15,228 per square foot.
