An investor sold a duplex unit in Kowloon Tong at a loss of up to HK$1.8 million

September 26, 2013 Leave a comment

Investor takes $1.8m hit
Thursday, September 26, 2013
An investor sold a duplex unit in Kowloon Tong at a loss of up to HK$1.8 million. Measuring 1,022 square feet, the apartment at Parc Oasis changed hands yesterday for HK$16.97 million, or HK$16,603 per sellable sq ft. The owner of the three-bedroom unit bought it in September 1997 for HK$18.02 million and then rented it out at about HK$34,000 a month. He suffered a paper loss of HK$1.05 million excluding stamp duties and other expenses such as agents’ commissions. It has taken more than a decade for most home prices to climb back to their 1997 level and it is rare for owners who bought their units then to lose money in the present market. In the primary market, Swire Properties (1972) will relaunch its luxury scheme Argenta in West Mid-Levels on Sunday. Sale of the remaining units could allow Swire to recoup HK$1.78 billion. Adrian To Wai-yip, residential division head at Swire Properties, said 21 of the 23 remaining units will be put on the market at an average HK$34,558 per sellable sq ft. Located at No63 Seymour Road, the 2,122-3,557 sq ft apartments are priced between HK$57.29 million and HK$225 million. Buyers of the 30-unit project could get a 4.75 percent discount for paying within 90 days. But prices of three units were raised by up to 8 percent even with the discount.

KAREN CHIU AND IMOGENE WONG

Filed under Macro Trends

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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