Tung Chung’s secondary real estate market is heating up. Transactions doubled last month, with one Seaview Crescent apartment becoming the first to fetch HK$10 million.
With such brisk demand – more than 80 sales took place in March – most owners raised their prices. The average price in the Caribbean Coast, to give an example, increased by 5% to HK$9650 per sq foot.
Ricacorp director Neo Chan told Headline Daily the rise in secondary sales was a result of new home stock coming on to the market. The total building area increased by 10% in March and went quickly to market, causing some controversy but also helping keep prices relatively low.
The 850 sq ft, 3-bedroom Seaview Crescent apartment, with an uninterrupted sea view, went for $10.1m, indicating a price of HK$11,822 per square foot, 10% above the market level. Two years ago units in the estate were sold at below HK$9m.
It was the first time any in that estate had crossed that $10m threshold, prompting a rash of sellers, even those with just 2-bedroom flats, to raise their prices to that level.
According to Chan, ten Seaview Crescent apartments changed hands in March, compared with the usual three or four.
Meanwhile, an investor has paid HK$1.18m for a basement parking space at Coastal Skyline – reportedly the highest ever for a parking spot in a residential building.