Ivan Lee Kwok-bun, commissioner for Innovation and Technology, purchased a three-bedroom apartment with a parking space at Villa Lotto in Happy Valley for HK$26.5 million last month.
Spanning 1,103 square feet, the unit sold for HK$24,025 per sq ft.
The purchase price represents around 16 percent discount compared to a similar unit in the same block that fetched HK$31.5 million during the peak of the property market in early 2019.
The original owner bought the property for HK$8.25 million in 2000, marking a paper gain of HK$18.25 million.
