Wong Cho Lam Just Sold One Of His HK Apartments For A S$1.5Mil Profit
And this is how the rich get richer.
Hongkong entertainer Wong Cho Lam is doing very well for himself. The 42-year-old was reported to have sold this residential property he owns in the Mayfair By The Sea development for a 23 per cent profit.
The development is located in the Tai Po district, which Cho Lam has always had a soft spot for. In 2015, he snapped up eight top floor units in the area under the name of his wife, Leanne Li.
The units were valued at about HK$114mil (S$20.5mil), and it is believed that he still owns these units today.
When Cho Lam bought it for HK$37mil (S$6.6mil) in 2016, he shared that the apartment was for his mother to live in.
Now, some six years on, he has sold it for HK$45.8mil (S$8.2mil), netting him about S$1.5mil in profit. Yes, that’s a 23 per cent increase in price. Not bad for six years, right?
According to reports, Cho Lam’s uncle, producer Sin Kwok Lam, has also made a similar killing in the property market.
In 2016, he bought a 3571sqm apartment for HK$73.6mil (S$13.3mil), which he sold last year for HK$92.8mil (S$16.7mil), netting him a cool S$3mil profit.