Century Link and La Mer apartment sales break local records

A three-bedroom apartment at Century Link has just sold at a price of HK$19,159 per square foot – a new record high for the Tung Chung secondary home market.

The original owner, who paid HK$8.922 million for the 642 sq foot unit in 2015, sold it for $12.3 million – a 38% gain, according to Benny Fong, assistant regional manager at Midland Realty Tung Chung,.

The apartment was in Block 3A, with about 500 sq feet of balcony and sea views, Economic Times reported.

In another transaction, a two-bedroom apartment in La Mer, the low-rise section of Caribbean Coast, sold earlier this month for HK$6.65 million.

Situated in block 15, its price of HK$11,812 per sq foot of usable area was a record for a low-rise in Tung Chung, according to another Economic Times report.

The original owner had purchased it for HK$4.365 million in November 2013, thus booking a profit of 52% or HK$2.285 million.

Centaline Tung Chung manager Ivan Chan said that the buyers, who have bought the flat for their own use, believe there is a shortage of stock on the local market and that with the opening of the HK-Macau bridge later this year they are confident Tung Chung home prices will go even higher.

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