Speculator makes $261,000 killing in under two months

June Chen

A property speculator has made a rare killing of a little more than a quarter of a million dollars in the span of under two months, despite Hong Kong's downbeat housing market.

The investor bought five flats at SkyeHi in Tuen Mun for a total of more than HK$15 million when the developer K&K Property launched sales of the last 33 flats in the project in July.

But they have now sold one of them - a 265-square-foot one-bedroom unit bought for HK$2.94 million - for HK$3.2 million, making a profit of 9 percent or HK$261,000 in less than two months, according to local media reports.

The seller had opted for a 120-day payment deadline on the unit but paid the entire amount in advance to be able to resell the flat, according to the reports.

The other four flats are now being offered at prices that are HK$300,000 higher than their original cost, the reports said.

Meanwhile, The Yoho Hub II's Tower Six in Yuen Long has opened show flats after releasing a new price list for 94 flats, with the cheapest priced at HK$6.83 million.

In other news, KT Marina I in Kai Tak saw six deals yesterday worth a total of HK$36 million for developers K Wah International (0173), Wheelock Properties and China Overseas Land and Investment (0688).

The project launched 12 more selected flats with discounts as high 35.75 percent to cater to robust demand after it released Mid-Autumn Festival incentives. The cheapest is a 306-sq-ft one-bedroom unit priced at HK$4.87 million after discounts.