According to March data from the Land Registry, Tuen Mun Town Plaza recorded 8 second-hand market transactions, of which seven were profitable on paper for the original owners, representing around 87.5% of all deals. Price gains ranged from 1.01% to 532.73%. Only one transaction recorded a paper loss, at around 17.53%.
Among the profitable deals, the strongest gain came from Flat A on a low floor of Block 1, a 325 sq ft two-bedroom unit. The owner bought the property in June 2003, during the SARS period, for just HK$550,000, and sold it this month for HK$3.48 million, making a paper profit of HK$2.93 million. That represents a price increase of around 532.73%, with a 3.15-time appreciation.
Another notable transaction involved a mid-floor Flat D in Block 7, with a saleable area of 438 sq ft. The owner purchased the unit in October 2007 for HK$1.145 million and recently sold it for HK$3.95 million, generating a paper profit of HK$2.805 million. This translates into a return of about 2.45 times, outperforming the broader market by around 89.34%.
According to 28Hse data, Tuen Mun Town Plaza recorded 31 secondary-market transactions in the past 90 days, with a profit-making ratio of around 65%. The estate currently has around 14 listings on the market, with asking prices ranging from HK$2.5 million to HK$4.35 million. On the rental side, 46 leasing transactions were recorded over the same period, with an average rental yield of about 4%.
With the estate now more than 30 years old, why does Tuen Mun Town Plaza continue to see active trading, with many owners still able to exit at a profit? Based on market data, this is mainly supported by the following four key factors:
1. Strong location and comprehensive amenities help offset the estate’s age
Tuen Mun Town Plaza is located in Tuen Mun town centre, with convenient transport links and well-developed lifestyle amenities, which help reduce the impact of the estate’s older age.
On transport, the estate is close to MTR Tuen Mun Station, giving residents access to the Tuen Ma Line and convenient connections to urban areas. The district is also served by Light Rail and a bus terminus. In addition, the opening of the Tuen Mun–Chek Lap Kok Tunnel at the end of 2020 shortened travel times to the airport and the Hong Kong–Zhuhai–Macao Bridge, attracting some buyers who work in Tung Chung or at the airport.
In terms of daily convenience, the estate benefits from a wide range of shopping and dining options both within its podium and in nearby malls. Through the area’s pedestrian bridge network, Tuen Mun Town Plaza is connected to V City, Times Square, KPoint, and Waldorf Garden Shopping Centre. Together, these malls offer major department stores, chain brands and everyday neighbourhood shops, meeting residents’ day-to-day needs.
2. Many owners bought early and held for the long term, giving them more room to profit
The estate has recently recorded a number of profitable resale transactions, largely because many owners have held their units for a long time. Some bought during market correction periods, such as in 2000, 2003 or 2008, when prices were relatively low. As a result, even though the estate is ageing and the broader property market has softened in recent years, the accumulated price appreciation has still allowed many owners to resell at a paper profit.
As for the one loss-making transaction recorded during the month, the owner purchased the unit in March 2021. According to the Centa-City Leading Index, it stood at 115.37 points as of the 5th of this month, down about 15.92% from 137.21 points in March 2021. Since overall home prices are still around 20% below their 2021 peak, owners who bought during that period are more likely to incur a paper loss if they sell now.
3. Lower entry prices and mortgage thresholds continue to attract first-time buyers
Tuen Mun Town Plaza offers many two-bedroom units with saleable areas of around 300 to 400-plus sq ft, with total prices generally ranging from the low HK$3 million range to around HK$4 million. Taking a HK$4 million unit as an example, a buyer applying for a 90% mortgage would need a down payment of about HK$400,000. The relatively low loan size also makes it easier for buyers to meet banks’ income requirements.
This price range suits younger buyers and newly married couples with more limited budgets. For some first-time buyers, affordability means they are more willing to choose an older estate in a central location, as long as it offers strong transport links and comprehensive amenities. This helps provide Tuen Mun Town Plaza with a steady pool of first-time homebuyers, supporting transaction volume.
4. Limited supply of new homes in the town centre supports secondary-market demand and prices
Tuen Mun Town Centre is already a well-developed area, and relatively few brand new residential projects have been completed there in recent years. Some of the district’s newer large-scale developments, such as Novo Land, are located on the outskirts of the town centre, meaning residents generally need feeder transport to reach the core area. By comparison, Tuen Mun Town Plaza sits in a more central location, giving it an advantage in both transport convenience and day-to-day amenities.
With limited new-home supply in the town centre, some buyers who prioritise accessibility and convenience turn instead to second-hand estates in the area. This steady demand supports transaction activity and resale prices at Tuen Mun Town Plaza, and is one of the reasons why many long-time owners who sold this month were still able to walk away with a profit.
