Visionary sale breaks record as Tung Chung prices resume ascent

A Visionary apartment has sold for a record local price as Tung Chung home prices resume their climb following a brief pause.

The Visionary property, a single bedroom, middle floor flat with a garden view, changed hands for $6.8 million this week. With usable area of 591 sq ft, that amounts to a price of $11,506 per sq ft, a new record high for one-bedroom units in Tung Chung, according to Ming Pao.

The original owner acquired it in December 2013 for $4.9 million, booking a profit of 39% over four years.

Across Hong Kong the market cooled slightly in the third quarter because of uncertainty ahead of the CE’s September policy address, but since then prices have continued upward.

A survey by Oriental Daily of 20 major housing estates found 17 posted price rises in the past month.

In Tung Chung, valuations at Caribbean Coast and Seaview Crescent rose 4.4% and 2.5% respectively.

In two transactions at Caribbean Coast this month, a two-bedroom apartment with usable area of 541 sq ft sold for $5.97 million, or  $11,035 per sq ft, while a ​​494 sq ft flat has just sold for $6.13 million, or $12,409 per sq ft.

A Midland Property manager told the paper that the average per sq ft rate in Tung Chung is now around $10,400, with homes now selling at around $6 million.

A low-floor home in Seaview Crescent, which had fallen to $8.75 million in estimated value in Q3, has risen two months in a row. it is now worth around $9,020,000, 2.5% higher than a month ago.

Eight units changed hands at Tung Chung Crescent last month with an average price of $11,032.

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