Hong Kong public housing flat sells for record HK$5.26 million
- Buyer forks out more than 14 times the HK$370,000 original price paid in 1998.
Hong Kong’s property market continues to make waves in these turbulent times.
A 598 square feet flat at Fung Tak Estate in Wong Tai Sin, Kowloon, has been sold for HK$5.26 million (US$674,000), making it the most expensive public rental housing unit in Hong Kong, according to data from the Housing Authority.
The new buyer has shelled out more than 14 times the HK$370,000 the original owner paid for the flat in 1998. In the process, it broke the record set by a 544 sq ft public housing flat in Lower Wong Tai Sin Estate in the same neighbourhood, which was sold for HK$4.56 million in May.
“It is a massive amount for a low-income family,” said Derek Chan, research head at Ricacorp Properties.
He added that buyers are so desperate that they were willing to pay whatever amount was being quoted to get their hands on any property in the city.